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Cape Wools Merino indicator up 4.7%
31
Jan '13
Strong demand and a weak currency pushed wool prices to a fresh high and the Cape Wools Merino indicator gained 4.7% to close at a record R115.65/kg (clean).

This represents an increase of 32% on the opening sale and is also 12% higher than at the same sale last season. Competition among the various buying houses was fierce for the offering of 7746 bales, which was considerably less than the offerings seen over the past number of weeks. Next week’s offering will also be fairly small. A sale’s percentage of 99% was achieved.

Major buyers were Lempriere SA (2331 bales), Standard Wool SA (1505 bales), Stucken & Co (1480 bales), and Modiano SA (1388 bales).

Sustained foreign selling and negative sentiment pushed the rand to over R9 to the US dollar and at R9 it had lost another 1.4% of its value compared with last week’s average rate. At R12.15, it was 2.8% weaker against the euro.

The prices of all long fleece wool rose, but the biggest gains were in the medium wool categories. Although prices for fine wools were up, these were still below the levels seen two years ago.

The average clean prices for the different categories good top-making (MF5), long fleeces were as follows: 18 microns rose by 3.1% to R127.76/kg, 18.5 microns were up by 2% at R125.57/kg, 19 microns were 5% dearer to close at R124.03/kg, 19.5 microns gained 4.4% to R120.69/kg, 20 microns rose 4.5% to R116.35/kg, 20.5 microns increased by 5.1% to R115.42/kg, 21 microns gained 4% to R113.94/kg, 21.5 microns were 5.2% dearer at R113.74/kg, and 22 microns rose 5.1% to close at R113.45kg. 

Approximately 6700 bales will come under the hammer at next week’s sale. 

Cape Wools SA

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