The wool market remained largely flat following this week's sale.
Cape Wools said its Merino indicator gained 0.4% to close at R110.54 per kilogram for clean wool.
The indicator was however down 1.0% when compared to the opening sale of this season and 3.7% down on the corresponding sale of the previous season.
The Australian market indicator was down by 0.1%.
Cape Wools says local traders commented that this week's offering was fairly decent and sizable offering, with a nice selection of long fleece wools on offer.
It says recent gains may have caused the market to slightly overheat and a correction is expected in the near future.
According to a Cape Wools statement "the Rand on the day traded 2,8% weaker at R11,76 against the US dollar, compared with last week's average rate, and weakened 0,3% against the Euro at R13,12. The offering comprised of 13 743 bales of which 98% was sold. Most active traders were Lempriere SA (5 020), G Modiano SA (2 910), Standard Wool SA (2 478) and Stucken & Co (1 948)."
"The average clean prices for the selection within the different categories good top-making (MF5), long fleeces were as follows: 18,5 microns strengthened by 0,2% to R120,61/kg, 19 microns shed 2,3% to close at R113,15/kg, 19,5 microns declined with 1,6% to close at R107,83/kg, 20 microns gained 1,4% to close at R109,14/kg, 20,5 microns increased with 0,9% to close at R107,29/kg, 21 microns gained 0,9% to close at R107,39/kg, 21,5 microns strengthened by 1,0% to R104,99/kg and 22 microns rose with 2,9% to close at R107,02/kg," the statement said.
The next sale is scheduled for 11 March where approximately 8 200 bales will come under the hammer.
