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Wool prices soften in first sales of year amid economic concerns
16
Jan '09
The first sale of the year saw prices softening amid global economic concerns and a stronger rand. Cape Wool's Merino indicator ended the day down 3.2% on the previous sale in mid-December last year.

The rand was 3% stronger against the US dollar compared with the exchange rate at the previous sale, trading at R9.86 by mid-morning. At R13.09 it was down 3.2% against the euro.

Prices were mixed with some quality Merino wools fetching better than expected prices, while other types were down. There was keen competition from all sectors of the trade with good demand from China.

A total of 13 028 bales was on offer of which 95% changed hands. Major buyers were Standard Wool SA (4331 bales); Lempriere AUS (2107bales); Chargeurs Wool (2021 bales); Modiano (1566 bales), and Segard Masurel (1183 bales).

Average price movements for AWEX types MF4 and MF5 of 70 mm and 80 mm were as follows: 19 microns declined by 1.2% to R65,78/kg; 20 microns dropped 1.4% to R53,65/kg; 21 microns were unchanged at R50,01/kg; 22 microns were down 0.8% to R47,49/kg, but 23 microns gained 1.9% to close at R47/49/kg. There were no quotes for 24 and 25 microns.

Approximately 14,000 bales will be offered at next week's sale.

Capewools

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