SOUTH AFRICA: South Africa - Wool prices up at year's final sale
CAPE Wools said yesterday that wool prices were up at its last sale before the Christmas break.
“The first half of the season closed on a positive note when Cape Wools‘ merino indicator rose 3% at today‘s sale to close at R48,62/kg (clean),” said Cape Wools. This means that the indicator has gained 14% after the seasonal low of R42,64/kg posted in the first week of November.
The group said that the market improved despite the slightly stronger currency, which at R10,16 had gained 1,1% against the US dollar compared with last Wednesday‘s exchange rate. “It was 3,8% weaker against the euro and down 1,4% against the Australian dollar,” it said.
Cape Wools said the main driving force for the price increase appeared to have been good demand from China, where importers are keen to fill import quotas before the year-end. “It was a fairly large sale with 10583 bales on offer, of which 96% was sold,” Cape Wools said.
Major buyers were Standard Wool SA (3504 bales); Chargeurs Wool (1632 bales); Lempriere AUS (1564 bales); Segard Masurel (1309 bales) and Modiano (1259 bales). Cape Wools noted that prices were up across the board, with long merino types gaining between 2% to almost 5%.
Average price movements for AWEX types MF4 and MF5 of 70mm and 80mm were: 19µm (micrometres) rose 2,6% to R66,57/kg; 20µm gained 2,6% to R54,42/kg; 21µm was 2,4% dearer at R50,05/kg, and 22µm was up 4,7% to close at R49,55/kg.
There were no quotes for 23µm, 24µm and 25µm in these specific types. Cape Wools said that sales would resume on January 14 when about 14500 bales would be offered.
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Source: Agencies • News Courtesy: BharatTextile.com
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