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.
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