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Wool prices up 25% in this week
14
Feb '08
The wool market exceeded all expectations at this week's sale when Cape Wools' Merino indicator surged by 5,1% to close at a fresh seasonal high of R69,72/kg (clean). This is up 25% on the opening sale.

Concern about the supply of quality Merino wools for the remainder of the season appears to have been the main driving force behind the price hike. The fact that there will be no sale next week may also have contributed.

With the rand regaining most of last week's losses, the exchange rate played only a minor role. The rand was trading at R7,69 against the US dollar, down 0,8%, while the euro was virtually unchanged at R11,21.

There was brisk demand for all quality wools and prices rose across the board. The offering totaled 9 428 bales, almost 2 000 bales more than last week, of which 98% changed hands.

Major buyers were Standard Wool SA (1 858 bales); Modiano (1 719 bales); Chargeurs Wool (1 516 bales); Stucken (1 068 bales), and Lempriere (Aust) Ltd (925 bales).

Average price movements for AWEX-type fleeces, MF4 and MF5 of 70 and 80 mm were as follows: 19 microns were up 2,5% at R90,04/kg; 20 microns gained 2,8% at R79,04/kg, and 21 microns were 4,4% dearer at R71,21/kg. There were no quotes for 22, 23, 24 and 25 microns due to insufficient quantities in these categories.

No sale has been scheduled for next week. Sales will resume on 27 February when an estimated 11 000 bales will be offered.

Cape Wools SA

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