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Wool market slightly softer

11
Sep '08
With business conditions unchanged since last week, the market remained under pressure and Cape Wools' Merino indicator fell 1.5% to finish the day at R52.77/kg (clean).

Buyers say it is extremely difficult to sell at present as clients are waiting for greater stability in world markets. The rand, which was 2.1% weaker against the US dollar compared with last week ,also failed to support the market. It had gained 0.6% against the Australian dollar, which made local wool slightly dearer for international buyers.

Prices were down 1% to 3% across all micron categories. Fine-wool buyer New England Wool, however, defied the downward trend by paying the top price of R72.10/kg (greasy) for three bales of 17.1 microns offered by Mr. Douglas Bennett from Adelaide.

The total offering comprised 8 779 bales of which 88% was sold. Major buyers were Modiano (3 145 bales); Standard Wool SA (1 454 bales); Segard Masurel (1 308 bales and Stucken (843 bales).

Average price movements for AWEX-type fleeces MF4 and MF5 of 70 and 80 mm were as follows: 19 microns weakened 2.9% at R67.65/kg, 20 microns were down 0.4% at R57.44/kg; 21 microns dropped 3.1% at R53.08/kg; 22 microns shed 1.6% at R51.83/kg, 23 microns were down 3.2% at R50.05/kg, but there were no quotes for 24 and 25 microns due to insufficient quantities in these categories.

Next week will be a relatively small sale with only 6 500 bales on offer.

Capewools


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