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Economic crisis pushes wool prices down
05
Feb '09
The deepening global economic crisis continues to impact negatively on the wool market and Cape Wools' Merino indicator shed 6,3% compared with last week to close at R43,68/kg (clean). This is down 21% on the opening level but still is 2,4% above its low posted in October 2008.

Buyers say business conditions have deteriorated and orders from most regions, but particularly from Europe, have declined drastically as the economic crisis begins to bite.

The rand, which at R10,02 had gained 0,9% against the US dollar compared with last week's exchange rate, put further pressure on the market prices.

A fairly low sales percentage was obtained when only 86% of the 8 607 bales on offer changed hands. Major buyers were Standard Wool SA (2 168 bales); Lempriere SA (1 862) bales); Stucken (1 242 bales) and Segard Masurel 1 071( bales).

Average prices for long fleece wools were down across the board.

Average prices for AWEX types MF4 and MF 5 (70mm to 80 mm) were as follows: 19 microns dropped 8,4% to R56,48/kg; 20 microns were down 3% to R49,19/kg; 21 microns were 3% cheaper at R46,57/kg and 22 microns shed 1,8% to R45,72/kg. There were no quotes for 23 microns to 25 microns.

Approximately 9 000 bales will be offered at next week's sale.

Cape Wools SA

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