The wool market closed at a record high at the final sale of the 2010/'11 season when the Cape Wools Merino indicator gained 1.8% to close at R97.29/kg (clean) – its highest level in over a decade. This also is 68% above the opening level and almost 66% higher than at the closing sale last season.

Prices rose despite a much stronger rand, which at R6.69, had gained 4.2% against the US dollar compared with the average rate at the previous sale. It was relatively unchanged against the euro at R9.80.

The sale was characterised by keen competition from all sectors of the trade. A healthy demand from the major wool-consuming countries and supply concerns were again the main drivers at this sale.

It was a relatively large offering with 13 706 bales catalogued of which 95% was sold.

Major buyers were Standard Wool SA (7 122 bales), Stucken & Co (2 934 bales), Modiano SA (1 399 bales) and Lempriere SA (919 bales).

The average clean price for the different categories good top-making (MF5), sound, long fleeces (less than 1% seed content) were as follows: 19 microns were down a marginal 0.4% at R122.81/kg; 19.5 microns rose 1.3% to R117.23/kg, 20 microns gained 6.2% to close at R107.79/kg; 20.5 microns were up 0.5% at R102.73/kg; 21 microns rose 1.7% to R101.87/kg, 21.5 microns were 0.8% dearer at R99.29/kg and 22 microns gained 3.8% to close at R99.94/kg.

The first sale of the 2011/12 season has been scheduled for 17 August 2011.