Cape Wools Merino indicator at record highs

The first sale of the New Year opened on a positive note when wool prices rose sharply and the Cape Wools Merino indicator gained 7.1% to close the day at a fresh record of R105,15/kg (clean). This is up 49% on the corresponding sale last season and 1% higher than the previous seasonal high.

This is the highest level ever for the South African indicator.

There was keen competition from the various sectors of the trade for quality fleeces and the prices of most of these types rose to well above the R100/kg mark. In the 22-micron category gains of up to 10% were posted.

The price increases were in line with Australia, where the market posted gains just before the Christmas recess and continued to improve at this week’s sales.

The rand was 1.3% weaker against the US dollar compared with the previous sales’ average rate, trading at R8,06, but at R10,28 it was 3.8% stronger against the euro.

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