Global economic concerns affect African wool market (South Africa)
Prices declined at this week’s sale on the back of ongoing concerns about the global economy and the slow-down in economic activity in China. The Cape Wools Merino indicator shed 2.4% compared with last week to close the day at R86.26/kg (clean).
The Chinese textile industry currently is being negatively affected by stagnant demand from spinners and some topmakers are reported to be operating at about 50% of capacity.
The local market also followed the trend in Australia where the market fell for a fifth week in a row.
The rand, at R8.41 against the US dollar, was fairly unchanged compared with the average rate last week and was down a marginal 0.5%, while it was 0.3% weaker against the euro at R10.53.
It was a fairly small sale with 5 794 bales on offer of which 96% was sold. Major buyers were Standard Wool SA (2 357 bales), Modiano SA (983 bales), Lempriere SA (869 bales) and Stucken & Co (779 bales).
Prices varied across the micron categories with 18 microns slightly dearer. The broader types declined the most.
The average clean prices for the different categories good top-making (MF5), long fleeces were as follows: 18 microns were up 0.6% at R99,96/kg, 18.5 microns shed 0.7% to R94.73/kg, 19 microns dropped 0.7% to R93,66/kg, 19.5 microns declined by 2.4% to R91.22/kg, 20 microns were 2.5% cheaper to close at R90.39/kg, 20.5 microns were down 2.7% at R90,00/kg, 21 microns fell by 2.6% to R89,87/kg, 21.5 microns were 2.4% cheaper at R89.61/kg and 22 microns shed 3% to close at R89,10/kg.
Approximately 5 000 bales will be offered at next week’s sale.
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