Prices up as wool market trades slightly higher

THE wool market traded slightly higher this week and the Cape Wools Merino Indicator increased by 0.7% and by 109 points to close at a value of R159.37 (clean).

On the Australian market, the EMI increased 0.8%.

The Cape Wools All Wool Indicator lost 0.1%.

The wool market was firmer at yesterday’s auction and prices across the board ended dearer. Fine wool remained in good demand and the limited supply of good quality long and fine wool pushed prices higher.

The lion’s share of the bales sold went to Modiano despite fierce competition from buyers for each lot

This week the rand traded at R13.08 to the US dollar.

It was 0.4% weaker against the US dollar compared with the average rate at the previous sale.

The rand was unchanged against the euro, trading at R13.76.

The offering comprised 8 784 bales, of which 97.5% was sold. Major traders were Modiano (2 869), Standard Wool SA (2 345), Lempriere SA (2 169) and Stucken & Co (857).

The average clean prices for the selection within the different micron categories for good top-making (MF5) long fleeces were as follows:

18 microns gained 0.9% to close at R193.05/kg; 18.5 microns increased 0.1% to close at R191.39/kg; 19 microns gained 0.5% to close at R179.01/kg; 19.5 microns increased 1.1% to close at R171.41/kg; 20 microns rose 0.5% to close at R156.23/kg; 20.5 microns moved up 0.9% to close at R148.14/kg; 21 microns strengthened 1.1% to close at R145.10/kg; 21.5 microns increased 0.7% to close at R142.17/kg; 22 microns gained 0.8% to close at R142.95/kg and 22.5 microns decreased 2.4% to close at R138.83/kg.

The next sale is scheduled for Wednesday, where about 12 531 bales will be on sale.