Wool market strengthens

20 Feb 2015

The wool market remained firm at this week's sale and the Cape Wools' Merino indicator gained 0,7% compared with the previous sale to close at R112,06/kg (clean).

This is 0,4% up compared to the opening sale of this season and 1,9% down compared to the corresponding sale of the previous season. On the Australian market, the indicator decreased with 1,5%. The Cape Wools All-Wool Indicator gained 1,0%.

Local traders said that the fairly decent selection of fine wools on offer benefited wool prices this week. Buyers reported solid demand for the small percentage of good quality wools, specifically the 20-22 micron range, due to a limited supply at this week's sale.

The Rand on the day traded 0,2% stronger at R11,70 against the US dollar, compared with last week's average rate, and strengthened 0,1% against the Euro at R13,32. The offering comprised of 8,121 bales of which 97% was sold. Major traders were Lempriere SA (3,033) and Standard Wool SA (1,659).

The average clean prices for the selection within the different categories good top-making (MF5), long fleeces were as follows: 18 microns were down by 0,2% to close at R120,62/kg, 18,5 microns strengthened by 0,2% to R121,41/kg, 19 microns gained 0,6% to close at R115,74/kg, 19,5 microns rose with 1,1% to close at R113,53/kg, 20 microns gained 1,1% to close at R110,28/kg, 20,5 microns increased with 1,5% to close at R110,72/kg, 21 microns declined 0,4% to close at R107,38/kg, 21,5 microns strengthened by 1,5% to R108,02/kg and 22 microns rose with 2,0% to close at R107,65/kg.

The next sale is scheduled for 25 February where approximately 5,900 bales will be on offer.

Source: I-Net Bridge

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