Wool prices up despite strong rand

23 Sep '10

2 min read

Wool prices rose at this week's sale on the back of strong competition in the auction room and Cape Wools Merino indicator gained 1.5% to close at R55.33/kg (clean). This increase came despite a drop in the Australian indicator and the continued strength of the rand and, which at R6.98 was up 0.8% against the US dollar compared with last week. It was trading at R9.32 against the euro, which was a depreciation of 2%.

A high sales percentage was achieved when 98% of the 7 576 bales on offer was sold. Major buyers were Modiano SA (2 522 bales); Standard Wool SA (2 041 bales), and Stucken (1 254 bales). Prices were higher across the board with medium wools gaining the most.

Average prices for good top-making (MF5), sound, long fleeces (less than 1% seed content) were as follows: 19 microns rose 2.4% to R68.12/ kg; 19.5 microns were up 1% to R61.48/kg; 20 microns were 3.5% dearer at R57.83/kg; 20,5 microns gained 2.6% to R57.04/kg; 21 microns strengthened by 2.2% to R56.87/kg; 21,5 microns were up 2.4% to R56.28/kg and 22 microns gained 0.8% to close at R54.71/kg.

Approximately 7 000 bales will be offered at next week's sale.

Cape Wools

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