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Cape Wool market strengthens
13
Oct '11
The wool market changed direction at this week's auction after falling sharply over the previous two weeks, and the Cape Wools' Merino indicator gained 3.4% on last week to close at R89,58/kg (clean).

Although it is just under the key R90/kg level, it still is up 46% on the same sale last season. The Australian market has also steadied with a slight increase in prices.

Prices increased despite a stronger rand, which was up 3.3% against the US dollar compared with last week's sale and was trading at R7,79. At R10,69, the rand was 0.4% stronger against the euro.

A fresh seasonal high of R137/kg (greasy) was obtained for a bale of 15,8 microns belonging to Mike Palmer of the farm Albany in the Grahamstown district. The previous high was R132/kg.

A total of 7 815 bales was offered of which 96% was sold. Major buyers were Standard Wool SA (2 633 bales), Modiano SA (1 873 bales), Stucken & Co (1 511 bales) and Lempriere SA (1 050 bales).

The average clean price for the different categories good top-making (MF5), sound, long fleeces (less than 1% seed content) were as follows: 19 microns were unchanged at R106,23/kg, 19,5 microns were up 2.3% to R103,27/kg, 20 microns rose by 3.4% to R98,63/kg, 20,5 microns were 5.1% dearer at R96,61/kg; 21 microns gained 4.2% to close at R94,11/kg, 21,5 microns were 2.9% dearer at R91,06/kg and 22 microns rose 2.8% to close at R88,93/kg.

Approximately 10 000 bales will be offered at next week's sale.

Cape Wools

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