The wool market gained 2% at Wednesday’s sale with Cape Wools Merino Indicator gaining 375 points to close at a value of R191.83 per kilogram.
Cape Wools said in a statement the All Wool Indicator increased by 2.5% while the Australian EMI increased by 0.6% this week.
“The wool market continued its strong performance and the good demand for quality long and fine wool continued unabated. The market traded dearer across all micron groups without exception with the finer end gaining the most.” Cape Wools said in a statement.
“Buyers mentioned a definite preference for longer wool given potential future supply constraint concerns. Competition among buyers was excellent and Segard Masurel’s competition ensured that no single buyer could dominate,” it said.
“This week saw the Rand at R12.30 to the US Dollar and R15.05 to the Euro. The Rand was 0.9% stronger against the US Dollar and 1.4% weaker against the Euro, compared with the average rate at the previous sale.”
This week’s offering comprised of 13 024 bales of which 96.6% was sold.
The next sale is scheduled for 24 January 2018 where approximately ± 8 185 bales will be on sale.
