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Wool market softens on stronger rand
Feb '09
Continuing downward pressure on commodity prices and a stronger rand were the two major factors contributing to the 2.6% decrease in Cape Wools' Merino indicator at this week's sale, and the indicator closed at R42.55/kg (clean).

The rand was extremely volatile in the course of the morning, but the average rate for the day came to R9.84 against the US dollar – 1.9% stronger compared with the average rate at last week's sale. The rand, at R12.73, was 2.1% stronger against the euro.

A total of 9 345 bales was on offer and 84% was sold, which was on par with last week's sales percentage of 86%, indicating ongoing caution of purchases by the local buyers. Major buyers were Lempriere SA (2 177 bales); Standard Wool SA (1 854 bales); Segard Masurel (1 503 bales) and Modiano (733 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 0,6% to R56.11/kg; 20 microns were down 2.1% to R48.70/kg; 21 microns were 3.2% cheaper at R45.10/kg and 22 microns shed 1.4% to R45.07/kg. There were no quotes for 23 microns to 25 microns.

Approximately 11 500 bales will come under the hammer next week.


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