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Wool market softens

28
Jan '10
The wool market was softer at this week's sale following the steep price increases over the past two weeks and Cape Wools' Merino indicator dropped 4.7% to R62,05/kg (clean).

This can mainly be ascribed to a downward correction resulting from resistance against the high price levels, particularly from processors who are finding it increasingly difficult to pass the higher prices on to clients further down the pipeline. The Australian market was also softer.

The rand, at R7,56, was 1.7% down against the US dollar compared with last weeks' exchange rates, while it was 0,9% weaker against the euro at R10,62.

The offering was considerably smaller than last week and 96% of the 8 400 bales offered, changed hands.

Major buyers were Standard Wool SA (2 785 bales); Lempriere SA (1 679 bales); Stucken (1 616 bales), and Modiano SA (1 232 bales). Average prices for good topmaking (MF5), sound, long fleeces (less than 1% seed content) were as follows: 19 microns declined by 7.7% to R70,40/kg; 20 microns were down 1.6% to R67,79/kg; 21 microns were 6.1% cheaper at R62,14/kg; and 22 microns were declined by 4.7% to
R61,37/kg.

Approximately 8 000 bales will be offered at next week's sale.

Cape Wools


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