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South Africa Wool Market 5,6%HIGHER

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Port Elizabeth (23 May) – The wool market traded higher and the Cape Wools Merino Indicator increased by 5,6% and by 1066 points to close at a value of R201,36 (Clean). The Australian EMI increased by 4,8% this week. The Cape Wools All Wool Indicator increased by 5,6%.

The wool market is trading at record levels driven by a seemingly insatiable demand for wool and in particular for quality long and fine wool. Producers received excellent returns with a record price of R218.10/kg (greasy) paid to NEJ Outram & Sons for 16 micron wool brokered by CMW woolbrokers. This was a larger sized auction of which the majority of wool on offer was of medium length and tested fine. The weaker Rand had little influence. As the season nears it’s close it is evident that the seasonal deliveries to broker stores will end significantly lower to the previous season.

Competition between buyers was good with Standard Wool SA buying the most bales on offer.

This week saw the Rand at R12,61 to the US Dollar and R14,79 to the Euro. The Rand was0,1% weakeragainst the US Dollar and 1,0% stronger against the Euro, compared with the average rate at the previous sale. The offering comprised of 9 358 bales of which 99,0% was sold. Major traders wereStandard Wool SA (3 249), Tianyu SA (1 819), Modiano (1 629) andLempriere SA (1 288).

The average clean prices for the selection within the different micron categories for good top-making (MF5), long fleeces were as follows: 18,0 micronsincreased5,7% to close at R237,55/kg; 18,5 microns moved5,0% up to close at R224,38/kg; 19 microns gained4,6% to close at R209,14/kg; 19,5 micronsstrengthened by5,2%to close at R203,89/kg; 20 microns was 5,9% stronger to close at R203,21/kg; 20,5 micronswon6,1% to close at R200,98/kg; 21,0 microns increased by 6,3% to close at R201,32/kg; 21,5 microns improved by 5,6%to close atR197,78/kg; 22 microns rose 5,9%to close at R196,98/kg and 22,5 microns gained by 5,5%to close at R190,21/kg.

The next sale is scheduled for 30May 2018 where approximately ± 5 627 bales will be on sale.

Source: Cape Wool Sa

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