Wool prices rise by 23% this season

7 Nov 2012

Wool prices increased for a fifth week in a row with the Cape Wools market indicator gaining 4% to close at a high of R108.63/kg (clean).

This is an increase of 24% on the opening sale price and up 3.3% on last season's highest level.

It also means that the indicator has risen by 23% during October.

The sale was marked by keen competition from the various sectors of the trade‚ which helped to push prices up.

The rand‚ at R8.62 was 1% stronger against the dollar compared with last week's average rate‚ and at R11.19‚ it had gained 0.8% against the euro.

A total of 9‚906 bales were offered for sale of which 99% was sold. Major buyers were Standard Wool SA (2‚719 bales)‚ Modiano SA (2‚684 bales)‚ Stucken & Co (1‚825 bales) and Lempriere SA (1‚525 bales).

A new seasonal record price was achieved when Eastern Cape fine-wool breeder Mike Palmer fetched a greasy price of R112.45/kg for a bale of AH wool of 15.9 microns‚ while John Muller from Cathcart got R110.20/kg (greasy) for six bales of BH wool of 16.5 microns.

Prices rose across the board but the finer end of market posted the highest increases.

Source: I-Net Bridge

For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.

Go to: http://www.inet.co.za