Strong rand bad news for SA wool prices

PORT ELIZABETH - The strong rand again weighed down South African wool prices during the weekly national sale, Cape Wools said on Wednesday.

Company spokeswoman Ona Viljoen said Cape Wools’ Merino indicator shed 2.6 percent to close at R62,43/kg (clean) for the day.

“The rand was trading at R7,37 against the US dollar, which was an appreciation of 2.2 percent on last week’s rate.”

Wednesday’s offering comprised 9464 bales, of which 98 percent were sold. Major buyers were Standard Wool SA (3188 bales); Lempriere SA (1902 bales); Modiano SA (1746 bales) and Stucken (1709 bales).

Some 6500 bales would be on offer at next week’s sale.

- Sapa