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Weak rand supports wool market

11
Feb '10
A weaker rand gave some support to the market at this week's sale and Cape Wools' Merino indicator rose 2.1% to close at R62,93/kg (clean). The rand has been losing ground against the US dollar over the past few days amid uncertainty within the global currency markets and was trading at R7,63 to the dollar, which was down 3.3% on last week's exchange rates. It was 1.8% weaker against the euro at R10,51.

The fact that the indicator did not increase to the same extent the rand depreciated against the dollar can be attributed to resistance to current price levels from China, possibly due in part to cash-flow restrictions as a result of the tighter credit control measures the Chinese government introduced recently.

It was a fairly small sale with 6 765 bales on offer of which 99% changes hands. Major buyers were Standard Wool SA (2 276 bales); Modiano SA (1 661 bales) and Lempriere SA (1 483 bales).

Average prices for good top-making (MF5), sound, long fleeces (less than 1% seed content) were as follows: 20,5 microns gained 3.1% to R63,94/kg; 21 microns were 1.2% dearer at R61,90/kg; 21,5 microns gained 1.3% to close at R62,28, and 22 microns rose 2.2% to R62,41/kg.

No sale has been scheduled for next week. The next sale will take place on 24 February when approximately 12 000 bales will be on offer.

Cape Wools


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