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Wool market loses steam

27
May '10
The penultimate sale of the season saw prices softening with Cape Wools' Merino indicator shedding 5% compared with previous sale a fortnight ago to close at R57,87/kg (clean).

This follows a slow-down in orders from China, which appears to be cautious following the current instability in commodity market currencies. Although the Australian indicator gained almost 1% at today's sale compared with the previous week, it has been trending downward for weeks and currently is at a seasonal low.

The Cape Wools' indicator still is up 7% on the opening level and 12% higher than the seasonal low.

The rand, which continues to be on the back foot against the US dollar amid rising global risk aversion, was 4.3% weaker against the US dollar compared with the previous sale, trading at R7,78 against the dollar, and was down 1.2% against the euro at R9,57.

A total of 8 743 bales was offered of which 93% was sold. Major buyers were Modiano SA (2 397 bales); Lempriere SA (1 769 bales); Standard Wool SA (1 686 bales), and Stucken (1 288 bales).

Average prices for good top-making (MF5), sound, long fleeces (less than 1% seed content) were as follows: 19 microns were down 2.8% to R67,62/kg; 19,5 microns were 6.6% cheaper at R61,87/kg; 20 microns dropped 3.3% to close at R61,26/kg; 20,5 microns shed 3.7% to R60,82/ kg; 21 microns dropped 4.3% to R60,53/kg; 21,5 microns were down 4.7% to close at R59,84/kg, and 22 microns were 3.2% cheaper at R59,27/kg.

No sale has been scheduled for next week. The final sale of the season takes place on 9 June.

Cape Wools


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