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Wool prices drop sharply at opening sale
21
Aug '08
In the wake of the slow-down in the global economy, escalating costs and a stronger currency, wool prices dropped sharply at the opening sale of the 2008/09 season, and Cape Wools' Merino indicator closed down 9.6% on the closing sale of the previous season at R55.51/kg (clean).

The market also tracked the Australian market, which opened at much lower level two weeks ago but which has since recouped some of its losses.

The stronger rand, which at R7.72 was 2.5% stronger against the US dollar compared to the closing sale, exerted strong downward pressure on the market. It had also gained 7% against the euro, trading at R11.39.

Prices were down across all micron categories. Quality long fine wools, however, fetched higher than average prices. Two bales of 17.3 microns offered by Mr. J.F. Joubert of Aliwal North were sold for R81.50 (greasy) each, while a further two bales measuring 16,8 microns went for R75,50 (greasy). The buyer was New England Wool.

A total of 12600 bales was offered of which 80% was sold. Major buyers were Modiano (2 760 bales); Stucken (2 289 bales); Segard Masurel (1 934 bales); Standard Wool SA (1 126 bales), and Chargeurs Wool (996 bales).

Average price movements for AWEX-type fleeces, MF4 and MF5 of 70 and 80 mm were as follows: 19 microns weakened 8.4% at R70.35/kg, 20 microns were down 10.6% at R60.75/kg; 21 microns dropped 11.1% at R56.44/kg; 22 microns shed 9.4% at R55.08/kg, 23 microns were down 8.3 % at R54.71/kg, 24 microns were 6.1% cheaper at R51.76/kg, but there were no quotes for 25 microns due to insufficient quantities in this categories.

No sale has been scheduled for next week. Sales will resume on 3 September when approximately 10000 bales will be on offer.

Capewools SA

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