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Strong rand pulls market down - Cape Wools

04
Mar '10
The wool market weakened at this week's sale following the appreciation of the rand and Cape Wools' Merino indicator shed 3.5% to close the day at R64,11/kg (clean). The rand was tracking the recovery of the euro against the US dollar, and at R7,53 was up 2.5% against the US dollar.

It was trading at R10,26 against the euro, which was an appreciation of 1.5%. The offering comprised 11 273 bales of which 96% was sold. Major buyers were Standard Wool SA (3 493 bales); Modiano SA (2 861bales); Lempriere SA (2 697 bales), and Stucken (1 228 bales).

Average prices for good top-making (MF5), sound, long fleeces (less than 1% seed content) were as follows: 19 microns shed 5.6% to close at R71,12/kg; 19,5 microns were 4% cheaper at R67,72/kg; 20 microns fell by 3.2% to R65,93/kg; 20,5 microns were down 3.3% to R64,63/kg; 21 microns were 2.5% cheaper at R64,45/kg; 21,5 microns shed 5% to close at R63,16/kg, and 22 microns were down 4.4% at R63,80/kg.

Approximately 10 000 bales will be offered at next week's sale.

Cape Wools


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