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Wool prices jump significantly
31 Oct '06
2 min read
The wool market continued its upward trend at this week's sale with Cape Wools' overall indicator jumping 4,4 percent to close at R33,12/kg (clean). This translates into a gain of 37 percent on the same sale last season.
Long Merino fleeces, however, posted bigger gains and some categories were trading up to 8 percent dearer compared with last week.
A weaker currency supported the market in early morning trade but the main impetus for the price rise was provided by strong competition from grease wool exporter Modiano, who bought almost half (48,5 percent) of the total offering.
The rand started off at around R7,73 against the US dollar, but strengthened later in the day. At the close of sale it was trading at R7,61 against the dollar. It was 3,2 percent weaker against the euro. The improvement in the market was even more significant when viewed against the strengthening of the rand during the morning.
A total of 9,867 bales were offered of which 98 percent changed hands. Major buyers were Modiano (4,685 bales), Stucken (1,299 bales), Segard Masurel (1,154 bales), SA Wool Exporters (1,141 bales) and Beier Finances (636 bales).
Average price movements for AWEX type fleeces MF3, MF4 and MF5 of 70 and 80 mm were as follows: 19 microns were up 4,5 percent at R53,56/kg, 20 microns were 7,4 percent dearer at R49,50/kg, 21 microns gained 7,1 percent at R45,30/kg, 22 microns were up 8,3 percent at R44,19/kg, 23 microns rose 8,1 percent at R43,01/kg, but there were no quotes for 24 and 25 microns due to the limited volume.
Approximately 8,000 bales will be offered at next week's sale.
Long Merino fleeces, however, posted bigger gains and some categories were trading up to 8 percent dearer compared with last week.
A weaker currency supported the market in early morning trade but the main impetus for the price rise was provided by strong competition from grease wool exporter Modiano, who bought almost half (48,5 percent) of the total offering.
The rand started off at around R7,73 against the US dollar, but strengthened later in the day. At the close of sale it was trading at R7,61 against the dollar. It was 3,2 percent weaker against the euro. The improvement in the market was even more significant when viewed against the strengthening of the rand during the morning.
A total of 9,867 bales were offered of which 98 percent changed hands. Major buyers were Modiano (4,685 bales), Stucken (1,299 bales), Segard Masurel (1,154 bales), SA Wool Exporters (1,141 bales) and Beier Finances (636 bales).
Average price movements for AWEX type fleeces MF3, MF4 and MF5 of 70 and 80 mm were as follows: 19 microns were up 4,5 percent at R53,56/kg, 20 microns were 7,4 percent dearer at R49,50/kg, 21 microns gained 7,1 percent at R45,30/kg, 22 microns were up 8,3 percent at R44,19/kg, 23 microns rose 8,1 percent at R43,01/kg, but there were no quotes for 24 and 25 microns due to the limited volume.
Approximately 8,000 bales will be offered at next week's sale.
Capewools
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