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Wool prices at new seasonal high

25
Feb '10
The wool market performed solidly at this week's sale with Cape Wools' Merino indicator gaining 5.6% on the back of strong demand to close at a seasonal high of R66,46/kg (clean). This is up 23% on the opening level.

The sale was marked by keen bidding from all sectors of the trade, but grease wool exporters once again dominated. A weaker currency further supported the market. The rand, at R7,73, was down 1.2% a gainst the US dollar comparedwith last week, while it was up 0.5% against the euro at R10,46. The prices for long Merino fleeces rose between 4% and 7% with the broader microns gaining the most.

The offering comprised 12 173 bales of which 99% traded hands. Major buyers were Standard Wool SA (4 051 bales); Modiano SA (2 991 bales); Lempriere SA (2 106 bales), and Stucken (1 547 bales).

Average prices for good top-making (MF5), sound, long fleeces (less than 1% seed content) were as follows: 19 microns rose 7.2% to R75,32/ kg; 19,5 microns were 4.7% dearer at R70,51/kg; 20 microns gained 4.2% to close at R68,09/kg; 20,5 microns were up 4.6% to R66,87/kg; 21 microns were 6.8% dearer at R66,09/kg; 21,5 microns gained 6.8% to close at R66,50/kg, and 22 microns rose 7% to R66,75/kg.

Approximately 9 500 bales will come under the hammer at next week's sale.

Cape Wools


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