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South African wool prices turn soft
07
Feb '13
Wool prices were softer at this week’s sale after reaching record highs last week and the Cape Wools Merino indicator dropped 2.1% to close at R113.22/kg (clean).

Although prices are down, the indicator is still 9% above last year’s level. The softer market is attributed to resistance from some clients against the current high prices.

The rand was erratic in the course of the morning but the average rate against the US dollar was R8,83, which is up 2% on last week’s average rate, while the at R11.96, the rand had gained 1.6% against the euro.

The offering comprised 6525 bales of which 99% were sold. Major buyers were Lempriere SA (1810 bales), Modiano SA (1682 bales) and Stucken & Co (1308 bales). Prices were down across the board with the broader types falling the most.

The average clean prices for the different categories good top-making (MF5), long fleeces were as follows: 18 microns shed 0.4% to R127.20/kg, 18.5 microns were down 0.8% at R124.56/kg, 19 microns were 2.4% cheaper to close at R121.07/kg, 19.5 microns dropped 1.7% to R118.62/kg, 20 microns weakened 1.6% to R114.52/kg, 20.5 microns shed by 3.3% to R111.65/kg, 21 microns dropped 2.5% to R111.12/kg, 21.5 microns were 2.8% cheaper at R110.52/kg, and 22 microns shed 2.1% to close at R111.07/kg. 

No sale has been scheduled for next week. Sales will resume on 20 February when approximately 13 000 bales will be offered.

Capewools

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