Wool market prices hold steady

THE wool market maintained last week's prices and the Cape Wools Merino Indicator remained virtually unchanged, gaining a mere 0.8% to close at R115.17/kg (clean).

This is 13% higher than the opening sale and 4% higher than the corresponding sale of the previous season.

The sale was characterised by solid demand from the various sectors of the trade and 99% of the offering of 6279 bales was cleared to the trade.

The small weekly offerings the last few weeks might also have supported the current price levels. Fleece wool of 21.5 micron (µ) posted the largest decline, decreasing by 4.5%.

There was keen demand for better quality long wool, with these types attaining good prices.

Major buyers were Lempriere (1880 bales), Standard Wool (1311) and Modiano (1249).

The average clean prices for the different categories of good top-making (MF5) long fleeces were as follows: 18.5µ declined by 1.1% to R120/kg, 19µ shed 0.2% to R119.28/kg, 19.5µ were down by 1.4% to close at R115.45/kg, 20µ gained 1.5% to R115.54/kg, 20.5µ rose by 0.1% to R114.42/kg, 21µ were up by 2.5% to R114.26/kg, 21.5µ were 4.5% cheaper at R111.95/kg and 22µ dropped 0.2% to close at R117.27/kg.

The next sale is scheduled for March 5. About 14500 bales will be on offer.