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Home / Knowledge / News / Textiles / Wool prices rise first time in six weeks

Wool prices rise first time in six weeks

13
Nov '08

The sharp decline in the value of the rand and keen competition gave this week's sale a welcome boost and Cape Wools' Merino indicator gained 6.5% compared with last week to close at R45,41/kg (clean).

This was the first price increase in six weeks and follows a particularly tough October, during which the indicator fell by almost 19%. The Australian market also strengthened at this week's sales.

The sale was marked by strong competition from grease-wool exporters and local processors alike for the 8 230 bales on offer.

Major buyers were Standard Wool SA (1883 bales); Segard Masurel SA (1332 bales); Lempriere (AUS) (1285 bales); Chargeurs Wool (1 269 bales); Modiano (1165 bales), and Stucken (1061 bales). A high sales percentage of 98% was achieved.

The rand was under pressure as risk aversion crept back into markets and traded sharply down against major currencies. At R10,27 it was down 6,7% against the US dollar compared with last week's exchange rate, and at R12,90 it was 4,2% weaker against the euro.

The price of all long Merino types were up. Medium wools, however, particularly 21 microns and 22 microns, gained the most and rose nearly 10% and 7% respectively.

Average price movements for good quality long (65 - 95mm) Merino fleeces (spinners' and good topmakers' styles) were as follows: 19 microns gained 2,4% to R59,84/kg; 20 micron rose 4,4% at R49,98/kg; 21 microns were 9,7% dearer at R47,39/kg and 22 microns were up 7,4% at R45,45/kg. There were no quotes for 23 microns to 25 microns.

Approximately 10000 bales will come under the hammer at next week's sale.

Cape Wools'