South African government bonds edged firmer on Thursday morning, tracking overnight gains in the rand, and as the market continued to favour risk assets.The rand has been buoyed by recent upbeat local data, while commodities have been supported by recent gains in the oil price.Brent crude has reached multi-year highs, following data indicating falling inventories in the US, as well as reports that Saudi Arabia is eyeing $100 a barrel.Commodities tend to track the oil price, and the stronger commodities tend to support the rand.Bonds should be range-bound, with markets focusing on US company reports, which had lifted equities but put pressure on treasuries, said Rand Merchant Bank bond analyst Michelle Wohlberg. "We expect foreign demand to continue supporting local bonds, but we will also see small profit-taking at these levels."At 10am, the R186 was bid at 8% from 8.015% and the R207 was at an unchanged 6.89%. The rand was at R11.9334 to the dollar from R11.9306.The US 10-year trea...
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