Curtis Wool Direct

SOUTH AFRICA – WOOL MARKET 2,3% LOWER (24 MAY 2017)

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The wool market traded lower at this weeks’ auction and the Cape Wools Merino Indicator decreased by 2,3% and by 380 points to close at a value of R158,57 (Clean). The Australian EMI lost 2,4% this week. The Cape Wools All Wool Indicator lost 2,3%.

Sentiment on the wool market was heavily influenced by the volatility and strengthening of the Rand. The 2016/17 wool growing season is nearing its end and at this penultimate sale prices particularly on the medium and shorter length wool declined significantly. Buyers commented that the demand for good quality long fleece wool remained good. The fierce rivalry between Lempriere, Standard Wool and Modiano continued unabated.

This week saw the Rand at R12,99 to the US Dollar. The Rand was 4,0% strongeragainst the US Dollar compared with the average rate at the previous sale. The Rand was 1,1% stronger against the Euro, trading at R14,54. The offering comprised of 10585 bales of which 93,6% was sold. Major traders were Lempriere SA (2 844), Modiano (2 776), Standard Wool SA (2 734) and Stucken & Co (914).

The average clean prices for the selection within the different micron categories for good top-making (MF5), long fleeces were as follows: 18,0 microns decreased1,7% to close at R217,43/kg; 18,5 microns decreased 2,0% to close at R211,47/kg; 19 microns lost 3,1% to close at R190,06/kg; 19,5 microns moved down 1,9%to close at R169,17/kg; 20 microns decreased with 1,9% to close at R155,52/kg; 20,5 microns moved down1,6% to close at R149,81/kg; 21,0 microns weakened 1,2% to close at R145,96/kg; 21,5 microns decreased 1,5%to close at R140,34/kg; 22 microns lost 1,1%to close at R132,61/kg and 22,5 microns decreased 1,5%to close at R135,90/kg.

The next sale is scheduled for 31 May 2017 where approximately ±6 158bales will be on sale.

 

Source: Cape Wool SA

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