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Another rise in wool prices
21
Oct '10
The wool market continued its upward trend at this week's sale and Cape Wools' Merino indicator gained another 2.6% to close at a fresh seasonal peak of R63.09/kg (clean).

This means that the indicator has gained 9% since the opening sale. In Australia. the market has also strengthened, gaining almost 2%.

Much of the market strength is the result of continued strong demand from Europe.

The rand has been on the back foot over the past two days and was 1.7% weaker against the US dollar compared with last week, trading at R6.90. It was 0.5% weaker against the euro at R9.53.

The offering comprised 10 467 bales of which 99% was sold. Major buyers were Standard Wool SA (3 546 bales), Modiano SA (3 473 bales), Stucken (1 504 bales) and Segard Masurel (1 021 bales).

The prices of most types were dearer. with good quality wools gaining most.

Average prices for good top-making (MF5), sound, long fleeces (less than 1% seed content) were as follows: 19.5 microns gained 2.5% to close at R69.48/kg; 20.5 microns rose 2.6% to R65.16/kg and 21.5 microns were up 3.1% at R63.66/kg.

Approximately 8 000 bales will come under the hammer at next week's sale.

Cape Wools SA

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