African wool market posts another increase
The upward trend in wool prices continued at this week's sale and the Cape Wools indicator gained another 3.2% to close at R104.43/kg (clean). This is a 19.5% increase on the opening sale.
The increase was prompted by good demand from all sectors of the trade and a rise in Australian prices. A slightly softer rand also supported the market. At R8.70, the rand had depreciated by 0.7% against the US dollar compared with last week’s average rate as it tracked the lower euro, but at R11.28, the currency had gained 0.5% against the euro.
There was sizeable volume of fine wools on offer, which fetched excellent prices. A breeder from Adelaide in the Eastern Cape, Gary Pagel and his wife Ann, fetched a seasonal high of R108.50/kg (greasy) for a bale AFFY wool of 16.4 microns.
A total of 7 235 bales was offered of which 99% was sold. Major buyers were Modiano SA (1 802 bales), Standard Wool SA (1 733 bales), Lempriere SA (1 603 bales) and Stucken & Co (1 088 bales).
Prices rose across the board but the finer end of market posted the biggest increases with 18 microns long fleece wool gaining almost 7% on average.
The average clean prices for the different categories good top-making (MF5), long fleeces were as follows: 18 microns gained 6.9% at R118.21/kg, 18.5 microns rose 5.7% to R115.55/kg, 19 microns were 5.3% dearer to close at R111.92/kg, 19.5 microns were up 5.1% to R108.83/kg, 20 microns were 5% dearer at R106.47/kg, 20.5 microns gained 3.7% at R104.11/kg, 21 microns rose 4.1% to R103.18/kg, 21.5 microns were up 2.3% at R100.73/kg and 22 microns rose by 1.8% to close at R98.97/kg.
Approximately 9 000 bales will be offered at next week’s sale.
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