SA WOOL MARKET REACHES NEW HIGH

29 Jan 2014 18:30pm

SA WOOL MARKET REACHES NEW HIGH Good demand and a weak currency pushed South African wool prices to a fresh high, Cape Wools said on Wednesday. Company spokeswoman Lizelle Delport said Cape Wools' Merino indicator gained 1.6 percent to close at R120.18/kg (clean), surpassing all previous records. "This was a 17.9 percent increase on the opening sale and was up 8.8 percent on the corresponding sale last year." Delport said good quality wool with length was well sought-after and traders indicated that fine wools had more realistic prices. "They are, however, concerned about the lack of good quality wools over the next three weeks." She said traders supported the medium to stronger wool types very well, with 21 microns gaining 2.9 percent. Wednesday's offering was fairly large with 11,120 bales of which 97 percent was sold. Major buyers were Modiano (2689), Standard Wool (2501), Lempriere (2393) and Stucken & Co (1552). The next national sale was scheduled for February 5, when an estimated 7500 bales would be on offer. Sapa /ag/hdw/ks/th