Weak rand boosts wool prices
Wool prices received a fillip from a weaker rand and a large offering this week‚ with the Cape Wools Merino indicator gaining 1.3% on last week‚ Cape Wools reported on Wednesday (6 March).
The wool price is currently at R112.13/kg.
The rand has weakened over the past few days‚ falling to its lowest level in weeks following unrest in the platinum mining industry‚ said Cape Wools. The rand traded at an average rate of R9 against the US dollar‚ which was down 2.3% on last week's average.
The weeks' wool offering comprised 15‚558 bales‚ which included many re-offerings and major buyers were Standard Wool (4‚031 bales)‚ Modiano (3‚685 bales)‚ Lempriere SA (3‚110 bales)‚ and Stucken & Co (2‚757 bales).
The largest price increase was for 18 microns fleeces‚ which gained over 3% on average.
About 9‚500 bales will go on sale next week.