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Cape Wools Merino indicator drops 3.5%
09
May '13
The continued difficult demand conditions affected this week’s wool sale and the Cape Wools Merino indicator dropped 3.5% compared with the previous sale a fortnight ago to close at R99 22/kg (clean).

With today’s result the gap between last season and this season has narrowed considerably.

The strengthening of the rand against the US dollar also weighed on prices. The average rate of the rand was R9 03 against the green back, which was up 1.5% against the average at the previous sale. It had also gained 0.7% against the euro.

Demand from China remains slow following weak demand from Europe, while the government has cut back on orders for woollen uniforms for government employees. These factors are also affecting business confidence.

A total of 10 867 bales was offered of which 99% was sold. Major buyers were Standard Wool (3 704 bales), Lempriere SA (2 477 bales), Modiano (1 931 bales), and Stucken & Co (883 bales).

Prices were down across the board with the broader end of the market dropping the most.

The average clean prices for the different categories good top-making (MF5), long fleeces (80-90 mm) were as follows: 18 microns dropped by 2.7% to R105 86/kg, 18,5 microns weakened by 1.4% to R105 80/kg, 19 microns were 0.1% cheaper at R105 32/kg, 19 5 microns dropped 5.5% to R102 43/kg, 20 microns shed 4.7% to R101 11/kg, 20 5 microns dropped by 4.6% to R100 74/kg, 21 microns weakened by 4.7% to R100,00/kg, 21 5 microns were down 3.5% to R99 91/kg, and 22 microns were 2.9% cheaper to close at R100 42/kg. 

No sale has been scheduled for next week. Sales will resume on 22 May when approximately 10 000 bales will be offered. This will also be the penultimate sale of the season with the final taking place on 5 June.

Cape Wools

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Courtesy: AWI

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