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Market follows stronger rand downwards - Cape Wools
11
Mar '10
The strong rand once again weighed the market down and Cape Wools' Merino indicator shed 2.6% to close at R62,43/kg (clean). The rand was trading at R7,37 against the US dollar, which was an appreciation of 2.2% on last week's rate. It was trading at R10,00 against the euro, up 2.5% compared with last week.

The offering comprised 9 464 bales of which 98% was sold. Major buyers were Standard Wool SA (3 188 bales); Lempriere SA (1 902 bales); Modiano SA (1 746 bales), and Stucken (1 709 bales).

Average prices for good top-making (MF5), sound, long fleeces (less than 1% seed content) were as follows: 19 microns shed 1.8% to close at R69,85/kg; 19,5 microns were 0.9% cheaper at R67,09/kg; 20 microns dropped 1.6% to R64,90/kg; 20,5 microns were down 2.8% at R62,83/kg; 21 microns were 4,4% cheaper at R61,63/kg; 21,5 microns shed 1.1% to close at R62,46/kg, and 22 microns were down 2.2% at R62,39/kg.

Approximately 6 500 bales will be on offer at next week's sale.

Cape Wools

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