The wool market held on to last week’s gains and the Cape Wools Merino indicator closed the day up by a marginal 0.2% at R114.71 /kg (clean). This is 12.5% higher compared to the opening sale of this season and up 14.4% compared to the corresponding sale of the previous season.

Good competition, a weaker rand and solid demand for good quality wool from the various sectors of the trade resulted in a 99% clearance of the 12 208 bales offered at this week’s sale. 

The rand on the day traded 1.5% weaker at R10.32 against the US dollar, compared with last week’s average rate, and weakened 0.8% against the euro at R13.86.

The most active traders were Modiano (3 529), Standard Wool (3 318), Lempriere (2 274) and Stucken & Co (1 139).

The average clean prices for the different categories good top-making (MF5), long fleeces were as follows: 18,5 microns strengthened by 0.2% to R123,38/kg, 19 microns gained 0.5% to R121,63/kg, 19,5 microns rose 0.7% to close at R119,25/kg , 20 microns were up 0.8% to close at R116,46/kg, 20.5 microns gained 0.5% at R115,53/kg, 21 microns were 0.3% cheaper at R114,79/kg, 21.5 microns dropped 0.5% to R114,56/kg and 22 microns were up 2.8% to close at R114,37/kg.

The next sale is scheduled for 20 November where approximately 13 500 bales will be on offer.