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Cape Wools Merino indicator gains 3%
06
Jun '13
A weak rand and relatively good demand pushed prices higher at the final sale of the season and the Cape Wools Merino indicator gained 3% on the previous sale to close at R110 31/kg (clean).

This up almost 26% on the opening sale and 17% higher than at last season’s closing sale. The indicator remained above the R100/kg level for most of the season.

Demand was fairly strong as buyers were buying stock to carry them over in the short term.

Although the rand had strengthened slightly from its lowest level, it was still trading at four-year lows against the US dollar and other developed country currencies.

The average rate of the rand to the dollar was R9,83 compared with an average of R9,51 at the previous sale a fortnight ago – a drop of 3.3%. At R12, 85 it was 4.5% weaker against the euro.

It was a big offering, comprising 13 973 bales of which 99% were sold. Major buyers were Standard Wool (5 146 bales), Modiano (3 546 bales) and Lempriere SA (2 479 bales).

All long wools were dearer but the broader end of the market increased the most.

The average clean prices for the different categories good top-making (MF5), long fleeces (80-90 mm) were as follows: 18 microns gained 2.3% to R120 04/kg, 18.5 microns rose by 1% to R116 91/kg, 19 microns were 4.3% dearer at R116 52/kg, 19.5 microns were up 2.6% to R113 81/kg, 20 microns gained 2.3% to R111,62/kg, 20.5 microns increased by 1.8% to R111 47/kg, 21 microns gained 3.9% at R110 65/kg, there were no quotes for 21.5 microns, and 22 microns were 2.6% dearer to close at R109 89/kg. 

The first sale of the new season has been scheduled for 21 August.

Cape Wools

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