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Wool prices strengthen
20
Oct '11
Wool prices improved for a second week in a row as there seems to be more confidence in the market and the Cape Wools Merino indicator gained 4% to close at R93,15/kg (clean).

The market was also supported by a slightly weaker rand, which had lost 1.5% of its value against the US dollar compared with last week's average rates and was trading at R7,92. At R10,94, the rand was 2.3% weaker against the euro.

Wool receipts at brokers' wool stores to date stand at 12,68 million kg, which is down almost 10% compared with the corresponding time last season. This decline could be the result of last season's outbreak of Rift Valley Fever, while problem animals, particularly jackal, have also become a major problem.

The offering comprised 10 476 bales of which 98% was sold. Major buyers were Standard Wool SA (3 301 bales), Modiano SA (3 246 bales), Lempriere SA (1 392 bales) and Stucken & Co (1 320 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 rose 3.4% to R109,88/kg, 19,5 microns were up 3% to R106,41/kg, 20 microns rose by 3.9% to R102,49/kg, 20,5 microns were 3.8% dearer at R100,31/kg; 21 microns gained 3.2% to close at R97,14/kg, 21,5 microns were 3.3% dearer at R94,07/kg and 22 microns rose 1.7% to close at R90,40/kg.

Approximately 8 000 bales will be offered at next week's sale.

Cape Wools

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