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Wool market holds up well
19
Aug '10
The wool market held up well at the first sale of the 2010/2011 season despite the restriction on raw wool exports to China as a result of Rift Valley Fever and a significantly stronger rand.

Cape Wools Merino indicator was only 1.6% softer compared with the closing level in June to close at R57,77/kg (clean wool), while the rand, at R7,22 against the US dollar, had appreciated by 6%. It was 1% weaker against euro, trading at R9,29/kg.

According to buyers there was strong interest from Europe as processors are replenishing stocks and improved demand from India.

It was a fairly big offering, totalling of 12 520 bales. A slightly lower sales percentage than usual was achieved and 94% was sold. Major buyers were Standard Wool SA (3 927 bales); Modiano SA (3 306 bales); Lempriere SA (1 768 bales); Segard Masurel (1 306 bales), Stucken (12 61 bales).

Average prices for good top-making (MF5), sound, long fleeces (less than 1% seed content) were as follows: 19 microns gained 2.2% to R67,97; 19,5 microns were 1% cheaper at R63,43/kg; 20 microns dropped 2.6% to close at R60,21/kg; 20,5 microns softened by 2.2% to R59,18/ kg:/kg; 21 microns were 2.4% cheaper at R59,01, and 22 microns were down 2.1% to R58,73/kg.

The next sale has been scheduled for 1 September when approximately 9 000 bales will be offered.

Cape Wools SA

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