The wool market changed direction at this week’s auction after falling sharply over the previous two weeks, and the Cape Wools’ Merino indicator gained 3.4% on last week to close at R89,58/kg (clean).
Although it is just under the key R90/kg level, it still is up 46% on the same sale last season. The Australian market has also steadied with a slight increase in prices.
Prices increased despite a stronger rand, which was up 3.3% against the US dollar compared with last week’s sale and was trading at R7,79. At R10,69, the rand was 0.4% stronger against the euro.
A fresh seasonal high of R137/kg (greasy) was obtained for a bale of 15,8 microns belonging to Mike Palmer of the farm Albany in the Grahamstown district. The previous high was R132/kg.
A total of 7 815 bales was offered of which 96% was sold. Major buyers were Standard Wool SA (2 633 bales), Modiano SA (1 873 bales), Stucken & Co (1 511 bales) and Lempriere SA (1 050 bales).
Read entire post Cape Wool market strengthens @ Fibre2fashion
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