According to traders, resistance from China towards the current price levels affected this week’s wool sale and the large offerings expected over the next four weeks are also viewed as a contributing factor.
The strengthening of the rand against the US dollar also weighed on prices. The rand was 1.6% stronger at R9.76 against the US dollar, compared with last week’s average rate, while remaining steady against the euro at R13.44.
Wool prices dropped across the board with the medium types posting the greatest decline.
A total of 10 229 bales were on offer, of which 98% was sold. Most active traders were Standard Wool (2 334), Lempriere (2 240), Modiano (2 134) and Stucken & Co (1 796).
The average clean prices for the different categories good top-making (MF5), long fleeces were as follows: 18 microns were down 2.1% at R121,46/kg, 18,5 microns weakened by 1.9% to R120,13/kg, 19 microns dropped 3.6% to R117,75/kg, 19,5 microns shed 2.9% to close at R116,57/kg , 20 microns dropped 2.4% to close at R114,73/kg, 20,5 microns were down 2.4% at R114,38/kg, 21 microns shed 1.8% to R114,27/kg, 21,5 microns were 2.2% dearer at R113,64/kg and 22 microns were down 2.3% to close at R112,25/kg.
The next sale is scheduled for 30 October where approximately 9 500 bales will be on offer.
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