Wool prices reach a new high in Africa
Wool prices increased for a fifth week in a row with the Cape Wools market indicator gaining another 4% to close at a high of R108.63/kg (clean). This is an increase of 24% on the opening sale and up 3.3% on last season’s highest level. It also means that the indicator has risen by 23% during October.
The sale was marked by keen competition from the various sectors of the trade, which helped to push prices up. The rand, at R8.62 was 1% stronger against the dollar compared with last week’s average rate, and at R11.19, had gained 0.8% against the euro.
A total of 9 906 bales was offered of which 99% was sold. Major buyers were Standard Wool SA (2 719 bales), Modiano SA (2 684 bales), Stucken & Co (1 825 bales) and Lempriere SA (1 525 bales).
A new seasonal record price was achieved when Grahamstown fine-wool breeder Mike Palmer fetched a greasy price of R112.45/kg for a bale AH wool of 15.9 microns, while John Muller from Cathcart obtained R110.20/kg (greasy) for 6 bales BH wool of 16.5 microns.
Prices rose across the board but the finer end of market again posted the biggest increases.
The average clean prices for the different categories good top-making (MF5), long fleeces were as follows: 18 microns gained 1.1% at R119.49/kg, 18.5 microns were down a marginal 0.1% at R115.43/kg, 19 microns were 0.7% dearer to close at R112.75/kg, 19.5 microns were 0.1% down to R108.69/kg, 20 microns were 1,2% cheaper at R105.15/kg, 20.5 microns dropped 1.1% to R102.93/kg, 21 microns were down 1.1% to R102.00/kg, 21.5 microns gained a marginal 0.1% to close at R100.79/kg and 22 microns rose by 0.9% to close at R99.83/kg.
Approximately 10 000 bales will be offered at next week’s sale.
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