Weak Rand once more benefits SA wool prices

The rand slid to its lowest level in four years against the US dollar following the release of worse than expected current account deficit figures. It was trading at an average rate of R9.17 against the US dollar, which was down 1.7% on last week’s average. At R 11.93, it was 1.5% weaker against the euro.

The offering comprised 7 996 bales of which 99% were sold. Wool receipts into brokers’ stores to date are 9.5% higher compared with the corresponding period last season.

Major buyers were Standard Wool (2180 bales), Modiano (1964 bales), Lempriere SA (1661 bales), and Stucken & Co (1311 bales).

Prices increased across the board, but 19 microns and 20.5 microns gained the most BY posting an average increase of 1.8%.

The average clean prices for the different categories good top-making (MF5), long fleeces were as follows: 18 microns were up 1.1% at R124.51/kg, 18.5 microns gained 0.7% at R122.18/kg, 19 microns were 1.8% dearer at R121.27/kg, 19.5 microns gained 1.3% to R117.87/kg, 20 microns rose 1.5% to R114.48/kg, 20.5 microns gained 1.8% to R113.52/kg, 21 microns rose 1.4% to R112,98/kg, 21.5 microns were 0.7% dearer at R112.51/kg, and 22 microns were up 1.4% to close at R112.88/kg. 

No sale has been scheduled for next week due to the public holiday on 21 March.

Capewools