The wool market was slightly up after Wednesday’s sale with Cape Wools Merino Indicator increasing by 1.6% and by 289 points to close at a value of R179.59 per kilogram for clean wool.
Cape Wools said the increase in demand for fine and superfine Merino wool was also driven by the next-to-skin casual wear market which continues to favourably influence the wool market.
“Quality is definitely a deciding factor and the cleaner yielding wool traded dearer. The finer and broader ends again benefitted more today compared to the mid-micron ranges which lagged the market,” Cape Wools said in its weekly sales report.
“This was a fair-sized auction with buyers competing strongly amidst reports of reduced wool receipts at broker stores.”
Cape Wools said this week saw the Rand at R13.59 to the US Dollar and R15.98 to the Euro. “The Rand was 0.6% weaker against the US Dollar and 0.8% weaker against the Euro, compared with the average rate at the previous sale.”
“The offering comprised of 8 750 bales of which 98.4% was sold,” it said.
The next sale is scheduled for 11 October 2017 where approximately ±8 831 bales will be on sale.
