Wool prices up despite strong rand (South Africa)
Wool prices rose at this week's sale on the back of strong competition in the auction room and Cape Wools Merino indicator gained 1.5% to close at R55.33/kg (clean). This increase came despite a drop in the Australian indicator and the continued strength of the rand and, which at R6.98 was up 0.8% against the US dollar compared with last week. It was trading at R9.32 against the euro, which was a depreciation of 2%. A high sales percentage was achieved when 98% of the 7 576 bales on offer was sold. Major buyers were Modiano SA (2 522 bales); Standard Wool SA (2 041 bales), and Stucken (1 254 bales). Prices were higher across the board with medium wools gaining the most.
Average prices for good top-making (MF5), sound, long fleeces (less than 1% seed content) were as follows: 19 microns rose 2.4% to R68.12/ kg; 19.5 microns were up 1% to R61.48/kg; 20 microns were 3.5% dearer at R57.83/kg; 20,5 microns gained 2.6% to R57.04/kg; 21 microns strengthened by 2.2% to R56.87/kg; 21,5 microns were up 2.4% to R56.28/kg and 22 microns gained 0.8% to close at R54.71/kg.
Approximately 7 000 bales will be offered at next week's sale.
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