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Wool prices down in sluggish market

01
Apr '10
Wool prices drifted downward at the final sale before the Easter recess in a sluggish market and the Cape Wools Merino Indicator shed 3.2% to close at R61,75/kg (clean).

This is still 33% higher than the same sale the previous season. The market was following the Australian market, which has also been trending downwards.

The rand, at R7,28 against the US dollar, was unchanged compared with the previous sale' rate a fortnight ago, while it had appreciated by 2.4% against the euro, trading at R9,80. It was a large offering, comprising 12 775 bales of which 95% was sold. Major buyers were Modiano SA (4 153 bales); Standard Wool SA (3 652 bales); Stucken (2 358 bales) and Lempriere SA (1 498 bales).

Average prices for good top-making (MF5), sound, long fleeces (less than 1% seed content) were as follows: 19 microns gained a marginal 0.4% to close at R70,54/kg; 19,5 microns were 5.5% cheaper at R65,05/ kg; 20 microns shed 3.4% to close at R62,80/kg; 20,5 microns were down 1.4% at R62,84/kg; 21 microns were 1.2% cheaper at R62,16/kg; 21,5 microns declined by 2% to close at R62,23/kg, and 22 microns shed 5,5% to R60,82/kg. No sale has been scheduled for next week, but sales will resume on 14 April when approximately 10 000 bales will be offered.

Cape Wools MArket Report


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