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Cape Wools' Merino Indicator decline by 4.5%

10
Oct '08
Despite the weaker rand, the market took a knock at this week's sale and Cape Wools' Merino Indicator declined by 4.5% to finish the day at R51.84/kg (clean).

The rand, which was extremely volatile and at times moved by as much as 10c per quote weakened to a near six-year low against the US dollar. At noon it was quoted at R9.43 to the dollar and at R12.83 to the euro.

However, during the course of the morning it turned stronger against the Australian dollar, which weakened sharply, thereby affecting the competitiveness of the local market. This prompted a major buyer to limit his purchases to levels significantly below his normal buying pattern.

Prices fell across the board, with long Merino wools dropping 4% to 7%. The offering comprised 7 831 bales of which 90% was sold. Major buyers were Standard Wool SA (2 474 bales); Stucken (1 424 bales), and Segard Masurel (1 368 bales). The other buying houses all bought less than 700 bales.

Average price movements for AWEX-type fleeces MF4 and MF5 of 70 and 80 mm were as follows: 19 microns declined by 6.8 % to R66.79/kg, 20 microns were down 4.3% to R56.57/kg; 21 microns were 4.1% softer at R52.53/kg; 22 microns declined by 4.5% to R51.26/kg, and 23 microns were 6% cheaper at R49.52/kg. There were no quotes for 24 and 25 microns.

Approximately 7000 bales will come under the hammer at next week's sale.

Capewools


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