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Wool market slightly softer
09
Sep '10
Wool prices were softer at this week's sale and Cape Wools' Merino indicator shed 2.4% to close at R56,87/kg (clean). Indications are that European mills are reaching saturation point for now after strong buying over the past few weeks, while the ban on raw exports to China is also having an effect. In addition, a slightly stronger rand exerted downward pressure on prices.

The rand was trading at R7,22 against the US dollar, which was an appreciation of 1.3% compared with last week's sale. It was up 1.6% against the euro at R9,18. The offering comprised 7 188 bales, of which 96% was sold. Major buyers were Modiano SA (2 439 bales); Standard Wool SA (1 533 bales); Lempriere SA (1 217 bales), and Stucken (1 157 bales).

Average prices for good top-making (MF5), sound, long fleeces (less than 1% seed content) were as follows: 19 microns were unchanged at R68,01/kg; 19,5 microns were down 2.1% to R62,24/kg; 20 microns were 2.9% cheaper at R59,22/kg; 20,5 microns declined by 3.4% to R58,71/kg; 21 microns were 2.8% cheaper at R58,33/kg; 21,5 microns were down 1,8% to R57,90/kg and 22 microns were 1.5% softer at R57,78/kg. Approximately 6 000 bales will be offered at next week's sale.

Cape Wools SA

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