Wool market firms at this week's sale

13 Sep 2012

The wool market was stronger at this week's sale and the Cape Wools Merino indicator gained 2.7% on last week to close at R86.26/kg (clean).

This was in line with the Australian market where the indicator rose 3.1% on the back of possible shipping commitments this month.

Although a lift in prices was anticipated‚ it wasn't expected to rise as much as it did‚ particularly not in view of the much stronger rand following a weakening of the dollar.

The rand at R8.14 was up 2.7% against the dollar‚ compared with last week's average rate. It was largely unchanged against the euro at R10.49.

Prices rose across all long fleece wool micron categories‚ but the biggest increases were in the 19.5 micron to 21.5 micron categories‚ which strengthened by around 3% and more.

It was a fairly small sale with 4‚681 bales on offer of which 96% was sold.

Major buyers were Standard Wool SA (1‚379 bales)‚ Modiano SA (1‚057 bales)‚ Lempriere SA (859 bales) and Stucken & Co (653 bales).

Source: I-Net Bridge

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