Curtis Wool Direct

South African Wool Market report (27 May)

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Port Elizabeth – The wool market surpassed last week’s record price and the Cape Wools Merino indicator gained 1,3% to close at R133,77/kg (clean). This is 19,8% higher compared to the opening sale of this season and up 22,2% compared to the corresponding sale of the previous season. On the Australian market, the indicator increased with 2,7%. The Cape Wools All-Wool Indicator gained 1,3%.

Local traders mentioned that the positive global sentiment combined with a shortage of good quality long Merino wool, is driving the upsurge in wool prices. The slightly weaker Rand also benefited prices.

The Rand on the day traded 1,1% weaker at R12,07 against the US dollar, compared with last week’s average rate, and strengthened 2,4% against the Euro at R13,14. The offering comprised of 8 039 bales of which 99% was sold. Major traders were Standard Wool SA (2 589), G Modiano SA (2 459) and Lempriere SA (1 474).

The weekly price monitor sample, limited to AWEX type MF5, 70-80mm, VM<=2% wool only, experienced an average price movement as follows: 18 microns were up by 1,1% to close at R142,20/kg, 18,5 microns strengthened by 1,5% to R141,02/kg, 19 microns shed 1,1% to close at R136,37/kg, 19,5 microns rose with 0,2% to close at R134,93/kg, 20 microns lost 0,4% to close at R131,94/kg, 20,5 microns increased with 1,0% to close at R131,65/kg, 21 microns gained 0,5% to close at R130,62/kg, 21,5 microns strengthened by 0,5% to R128,98/kg and 22 microns dropped with 0,3% to close at R122,65/kg.

Main buyers: Standard Wool SA 2589 bales, G Modiano SA 2459, Lempriere SA 1474, Segard Masurel SA 905, Stucken & Co 431, H Dawson Sons & Co 73 bales.

The next sale is scheduled for 3 June where approximately 6 400 bales will be on offer.

Source: Cape Wool SA


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