Prices Of All Long Wool Types Surge

The wool market continued its upward trend at this week’s sale and the Cape Wools Merino indicator gained 3.9% on last week to close at R104,03/kg (clean) – an increase of 13% on the opening sale.

Supply concerns appear to be a major driving force with supplies in the main consuming countries currently at fairly low levels. The Australian market also saw an increase in prices.

The rand was slightly weaker against the US dollar, dropping 0.8% compared with last week’s average rate, trading at R7,95. It was 0.4% weaker against the euro at almost R10,95.

There was good competition from the various sectors of the trade and 96% of the offering of 10 369 bales was sold. Major buyers were Modiano SA (3 927 bales), Standard Wool SA (3 084 bales), Stucken & Co (1 189 bales) and Lempriere SA (1 014 bales).

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