Wool market dearer

24 Mar '11

2 min read

The wool market was dearer at this week's sale despite a stronger currency and Cape Wools' Merino indicator gained 1.8% to close at R85,62/kg (greasy), which is just below the seasonal high obtained in mid February.

Competition once again was brisk for good quality long fleeces and these types also fetched excellent prices.

The rand had appreciated against the US dollar compared with last week's rates and at R6,86 was up 1.1% against the greenback. At R 9,72, it was virtually unchanged against the euro.

It was a relatively small sale and 91% of the 6 500 bales on offer was sold.

Major buyers were Modiano SA (2 287 bales), Standard Wool SA (1 331 bales), Stucken & Co (1 248 bales).

Average prices for good top-making (MF5), sound, long fleeces (less than 1% seed content) were as follows: 19 microns gained 1.7% to R117,31/kg; 19,5 microns were 2.2% cheaper at R99,97/kg; 20 microns were down 3% to R86,75/kg; 20,5 microns were unchanged at R85,34/kg; 21 microns were up by a marginal 0.3% at R85,16/kg, and 21,5 microns gained 4.4% to close at R88,27/kg. There were no quotes for 22 microns.

Approximately 10 000 bales will be offered at next week's sale.

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