Wool market increases
The Cape Wools Merino indicator gained 0.4% to close at R110.54/kg (clean), De Beer said.
This is 1.0% down compared to the opening sale of this season and 3.7% down compared to the corresponding sale of the previous season. On the Australian market, the indicator decreased with 0.1%. The Cape Wools All-Wool indicator gained 2.8%.
Local traders said this week's offering was sizable and a fairly decent one, with a very nice selection of long fleece wools on offer. Recent gains may have caused the market to slightly overheat and a correction is expected in the near future.
The rand on the day traded 2.8% weaker at R11.76 against the dollar, compared with last week's average rate, and weakened 0.3% against the euro at R13.12.
The offering comprised of 13,743 bales of which 98% was sold. Most active traders were Lempriere SA (5,020), G Modiano SA (2,910), Standard Wool SA (2,478) and Stucken & Co (1,948).
Source: I-Net Bridge
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