Wool market on course

18 Feb 2016

The wool market traded 0.4% higher this week and the Cape Wools Merino Indicator increased by 54 points to close at a value of R155.94 (clean), traders said. On the Australian market, the EMI gained 1.2%. The Cape Wools All Wool Indicator strengthened by 1.2%.

Lohmi via pixabay

"Continued solid demand for good quality long wool and a smaller offering stimulated good competition for the wool on offer," traders said.

The stronger rand dampened rand returns, which remained close to recent record levels, they said. This week saw the rand at R15.75 to the dollar. The rand strengthened by 0.9% against the dollar compared with the average rate at the previous sale. The rand strengthened 2.0% against the euro, trading at R17.56.

The offering comprised of 7,349 bales of which 96,9% was sold. Major traders were Standard Wool SA (2,203), Lempriere SA (1,685), G Modiano SA (1,484), and Stucken & Co (1,021).

The average clean prices for the selection within the different micron categories for good top-making (MF5), long fleeces were as follows: 18,0 microns gained 0,4% to close at R173,65/kg; 18,5 microns lost 2,9% to close at R170,23/kg; 19 microns gained 3,1% to close at R167,77/kg; 19,5 microns gained 1,9% to close at R161,44/kg; 20 microns increased with 1,2% to close at R156,86/kg; 20,5 microns increased 1,2% to close at R154,86/kg; 21,0 microns dropped 1,3% to close at R153,68/kg; 21,5 microns gained 0,7% to close at R155,33/kg and 22,0 microns gained 0,6% to close at R150,01/kg.

The next sale is scheduled for 24 February 2016 where approximately ± 6,620 will be on offer.

Source: INET BFA

Source: I-Net Bridge

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