A weaker rand supported the South African wool market at this week’s national sale, Cape Wools said on Thursday (04/10/2012).
Company spokeswoman Ona Viljoen said Cape Wools’ Merino indicator gained 1.5 percent to close at R89.44/kg (clean), its highest level for the season.
Viljoen said the market was performing reasonably well despite the current difficult business conditions.
"The indicator has remained at around the R88/kg (clean) level since the opening of the season.” A total of 8726 bales were offered, of which 98 percent was sold on Wednesday.
Major buyers were Standard Wool SA (2595 bales), Modiano SA (1910 bales), Stucken & Co (1840 bales) and Lempriere SA (1526 bales).
Viljoen said wool receipts into brokers’ stores to date were down 3.2 percent compared with the corresponding period last season.
Most long fleeces were dearer with 18-micron fleece wools gaining the most at one percent.
An estimated 6500 bales would be on offer at next Wednesday’s national sale. - Sapa
