SA wool market sustains prices

Image courtesy: Stock.xchng

Image courtesy: Stock.xchng

The South African wool market this week was virtually unchanged amid a small offering, Cape Wools said on Wednesday.

Company spokeswoman Lizelle Delport said Cape Wools’ Merino indicator closed up on a marginal 0.5 percent at R120.77/kg (clean).

“This is a 18.5 percent increase on the opening sale and is up 4.4 percent on the corresponding sale last year.”

Delport said a smaller offering of good quality wool translated into higher prices for better style wools. Traders were of the opinion that this shortage of good wool was helping to sustain the current wool price.

She said traders supported the 20 micron and finer types very well with the average price for good top making types of 18 microns gaining 5.5 percent.

This week’s sale was a small offering of 7733 bales of which 96 percent was sold.

Major buyers were Lempriere (2336), Standard Wool (1629), Stucken & Co (1259) and Modiano (1133).

The next sale was scheduled for February 12 when an estimated 7500 bales would be on offer.





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