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South African wool prices down 9.5% after Easter
11
Apr '13
Wool prices dropped quite substantially at the first sale after the Easter recess and the Cape Wools Merino indicator fell by 9.5% to close at 10109 R/kg (clean).

This follows the drop in Australian prices and the strengthening of the rand against the US dollar over the past few days to its best level in weeks. The rand was trading at an average rate of R8.89 against the greenback compared with R9.25 a fortnight ago, up 3.9%. At R11.64, it had gained 1.8% against the euro.

According to local traders business conditions are difficult at present with some resistance from China.

This was also reflected in the sales percentage, which is lower than normal. The offering comprised 12 005 bales of which 94% were sold. The accumulative sales percentage up to Easter was 99.5%.

Major buyers were Standard Wool (4745 bales), Modiano (2535 bales), Lempriere SA (2088 bales), and Stucken & Co (1095 bales).

Prices were down across the board.

The average clean prices for the different categories good top-making (MF5), long fleeces were as follows: 18 microns were down 11.7% at R107.97/kg, 18.5 microns dropped 10.4% at R106.82/kg, 19 microns were 5.6% cheaper at R111.81/kg, 19.5 microns softened by 8.7% to R105.58/kg, 20 microns shed 9.5% to R102.58/kg, 20.5 microns dropped 10.5% to R100.37/kg, 21 microns weakened 10.4% to R100.07/kg, 21.5 microns were down 11% at R100.34/kg, and 22 microns were 7.6% cheaper to close at R103.64/kg. 

Approximately 6400 bales will come under the hammer at next week’s sale.

CapeWools

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