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Cape wools merino indicator gains 3.6% this week

Cape wools merino indicator gains 3.6% this week Source: www.chinatexnet.com
Date: 07-11-2013
Visits: 250
Very Poor

The wool market was stronger at this week’s sale and the Cape Wools Merino indicator gained 3.6% on last week to close at R114.43 /kg (clean).
 
The demand from China, weaker rand and good competition for top quality wool at this week’s sale assisted in pushing the prices higher.
 
The rand on the day traded 3.4% weaker at R10.17 against the US dollar, compared with last week’s average rate, and weakened 1.6% against the euro at R13.74.
 
It was a fairly large sale with 12 928 bales offered, of which 98% was sold. The most active traders were Standard Wool (3 865), Modiano (3 156), Lempriere (2 430) and Stucken & Co (1 341).
 
Wool prices rose across the board with the finer types posting the greatest increases.
 
The average clean prices for the different categories good top-making (MF5), long fleeces were as follows: 18 microns were up 5.6% at R125,41/kg, 18,5 microns strengthened by 5.2% to R123,16/kg, 19 microns gained 3.8% to R121,00/kg, 19,5 microns rose 3.4% to close at R118,43/kg , 20 microns were up 2.7% to close at R115,49/kg, 21 microns gained 3.5% at R115,14/kg, 21,5 microns were 4.4% dearer at R115,19/kg and 22 microns were up 1% to close at R111,29/kg.
 
The next sale is scheduled for 13 November where approximately 12 000 bales will be on offer.
 
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