Port Elizabeth – The wool market traded higher yesterday and the Cape Wools Merino Indicator increased by 2,6% and by 450 points to close at a value of R177,14 (Clean). The Australian EMI decreased by 0,5% this week. The Cape Wools All Wool Indicator increased by 2,7%.
The wool market traded stronger on the back of a weaker Rand and continued good demand for quality long and fine wool. This was a fair sized auction of which the majority of wool on offer tested fine. Seasonal deliveries to broker stores still lag the previous season to date.
Competition between buyers was good with Standard Wool buying the most bales on offer.
This week saw the Rand at R12,07 to the US Dollar and R14,93 to the Euro. The Rand was 3,2% weaker against the US Dollar and 3,1% weaker against the Euro, compared with the average rate at the previous sale. The offering comprised of 10 799 bales of which 97,9% was sold. Major traders were Standard Wool SA (3 643), Modiano (2 879), Lempriere SA (1 601) and Tianyu SA (1 253).
The average clean prices for the selection within the different micron categories for good top-making (MF5), long fleeces were as follows: 18,0 microns increased 1,6% to close at R212,15/kg; 18,5 microns moved 1,9% up to close at R200,92/kg; 19 microns gained 1,6% to close at R186,65/kg; 19,5 microns strengthened by 1,6% to close at R180,42/kg; 20 microns was 3,6% stronger to close at R178,99/kg; 20,5 microns won 3,5% to close at R175,72/kg; 21,0 microns recovered 3,8% to close at R176,23/kg; 21,5 microns improved by 4,0% to close at R170,42/kg; 22 microns rose 3,8% to close at R169,00/kg and 22,5 microns climbed by 4,3% to close at R163,78/kg.
The next sale is scheduled for 18 April 2018 where approximately ± 7 333 bales will be on sale.