Port Elizabeth: WOOL MARKET UNCHANGED

Port Elizabeth: The wool market held on to last week’s gains and the Cape Wools merino indicator closed the day up by a marginal 0,3% at R88,82/kg (clean).

Although traders say trading conditions remain tough, there was solid demand from the various sectors of the trade and 97% of the offering of 7 989 bales was cleared to the trade. The small weekly offerings the last few weeks may have supported current price levels.

Prices were a mixed bag with fine fleece wools (18 microns and finer) fetching substantially lower prices compared with last week, while 18,5 to 19,5 microns were dearer. There was keen demand for short wools with these type fetching good prices.

At R8,16, the average rate of the rand was down by a marginal 0,2% against the dollar compared with last week, but it was 1,3% weaker against the euro, trading at R10,64.

Major buyers were Modiano SA (2 575 bales), Standard Wool SA (1 719 bales), Lempriere SA (1 403 bales) and Stucken & Co (1 240 bales).

The average clean prices for the different categories good top-making (MF5), long fleeces were as follows: 18 microns were down 2,9% at R99,73/kg, 18,5 microns gained 0,5% to R97,60/kg, 19 microns were up 0,3% at R96,57/kg, 19,5 microns increased by 0,3% to R94,75/kg, 20 microns were 0,7% cheaper at R92,62/kg, 20,5 microns were down 1,8% at R91,05/kg, 21 microns shed 0,6% at R90,58/kg, 21,5 microns were 1,4% cheaper at R89,61/kg and 22 microns were down 1,5% to close at R89,58/kg.

Approximately 5 500 bales will be on offer next week.