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Cape Wools market strengthens
15
Mar '12
Prices were higher at this week's sale despite a stronger rand and Cape Wools' Merino indicator gained 2.3% toclose at R104,17/kg (clean). This is slightly lower than the seasonal high but still 22% up on the same sale last season.

The rand was trading at R7,51 against the US dollar, which was 1.1% stronger than last week's average rate. At R9,80, the rand was up 1.7% against the euro. This week saw a much smaller offering of 7 274 bales of which 99% was sold.

Major buyers were Modiano SA (2 174 bales), Lempriere SA (1 921 bales), Standard Wool SA (1 494 bales) and Stucken & Co (1 172 bales).

Although this week's offering was fairly small, more wool has come on to the market and wool received at the brokers' stores now stands at 36,5 million kg, which is down only 3% compared with the corresponding period last year.

There was a much bigger difference earlier in the season, triggering concerns of a significant drop in production. The prices of almost all long fleeces were higher, but the biggest increases were posted in 19 to 20 micron categories.

The average clean price for the different categories good top-making (MF5), long fleeces were as follows: 19 microns were up 1.1% at R115,69/kg, 19,5 microns were 2.2% dearer at R113,38/kg, 20 microns gained 1.5% to close at R110,49/kg, 20,5 microns were 0.7% dearer at R108,09/kg, 21 microns strengthened by 0.5% to close at R106,57/kg, 21,5 microns were up 0.5% at R105,71/kg but 22 microns were 1.6% cheaper and closed at R101,98/kg.

No sale has been scheduled for next week due to Wednesday (21 March) being a public holiday. Sales will resume on 28 March.

Capewools

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Courtesy: India ITME

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