SA wool prices up 12.9% since first sale this season

According to traders, this increase was supported by a weaker rand and commented that China and Europe has shown some resistance towards the higher price obtained at this week’s offering, despite the Chinese economy showing signs of recovery the past month. China is also celebrating their National Day from 1 to 7 October.

The rand on the day traded 2.4% weaker at R10.10 against the US dollar, compared with last week’s average rate, and weakened 2.7% against the euro at R13.67. Prices were up across the board with the finer wools posting the biggest increases.

A total of 7 149 bales were on offer, of which 99.2% was sold. Most active traders were Modiano (1 904), Lempriere (1 631), Standard Wool (1 247) and Stucken & Co (1 244).

The average clean prices for the different categories good top-making (MF5), long fleeces were as follows: 18 microns gained 3% to close at R121,36/kg, 18,5 microns strengthened by 2.1% to R120,40/kg, 19 microns rose 1.8% to R119,18/kg, 19,5 microns strengthened by 2.3% to R118,02/kg, 20 microns rose 1.7% to close at R115,38/kg, 20,5 microns were up 2.1% at R114,77/kg, 21 microns rose 2.2% to R114,63/kg, 21,5 microns were 2.4% dearer at R114,41/kg and 22 microns were up 1.9% to close at R113,53/kg.

The next sale is scheduled for 9 October where approximately 10 500 bales will be on offer.

Cape Wools