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Wool market softens
The wool market was softer at this week's sale following the steep price increases over the past two weeks and Cape Wools' Merino indicator dropped 4.7% to R62.05/kg (clean).
Image courtesy of FreeDigitalPhotos.net. Credit: Simon Howden
This can mainly be ascribed to a downward correction resulting from resistance against the high price levels, particularly from processors who are finding it increasingly difficult to pass the higher prices on to clients further down the pipeline. The Australian market was also softer.
The rand, at R7.56, was 1.7% down against the US dollar compared with last weeks' exchange rates, while it was 0.9% weaker against the euro at R10.62.
The offering was considerably smaller than last week and 96% of the 8400 bales offered, changed hands.
Major buyers were Standard Wool SA (2785 bales); Lempriere SA (1679 bales); Stucken (1616 bales), and Modiano SA (1232 bales).
Average prices for good top-making (MF5), sound, long fleeces (less than 1% seed content) were as follows: 19 microns declined by 7.7% to R70.40/kg; 20 microns were down 1.6% to R67.79/kg; 21 microns were 6.1% cheaper at R62.14/kg; and 22 microns were declined by 4.7% to R61.37/kg.
Approximately 8000 bales will be offered at next week's sale.
Source: I-Net Bridge
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