South African manufacturing sentiment deteriorated in June as weaker demand weighed on ​new orders, though lower oil prices boosted ‌confidence about future business conditions, a purchasing managers' index (PMI) survey showed on Wednesday.

• The seasonally adjusted PMI ​sponsored by South African bank Absa fell ​to 47.3 points from 50.8 in May.
• A ⁠reading below 50 indicates a deterioration in ​overall business conditions for manufacturers.
• Absa said the ​survey was conducted after the U.S. and Iran agreed an interim deal to end hostilities and reopen the Strait ​of Hormuz, which brought down global energy ​prices.
• A sharp fall in the PMI component on purchasing ‌prices "suggests ⁠that April and May may have marked the peak of price pressures," particularly following fuel price cuts that took effect on Wednesday.
• Some respondents ​said clients ​were postponing ⁠purchases in anticipation of lower prices, contributing to a drop in ​new orders, Absa said.
• A sub-index tracking ​expected ⁠business conditions in six months climbed, reflecting optimism the Iran war could end. But some respondents ⁠flagged nationwide ​anti-migrant protests on June ​30 as a concern, preventing a stronger improvement in the ​factory mood.