Port Elizabeth - The 23rd sale of the 2019/20 wool season took place today with 10 213 bales on offer of which 89,0% was sold. The wool market closed 0,7% (120 points) down at a value of R177,89 c/kg (Clean). The Australian EMI moved 2,6% down this week. This week saw the Rand at 6,9% weaker against the US Dollar and 7,8% weaker against the Euro, compared with the average rate at the previous sale. The market weakened by 7,1% in US Dollar terms. The wool market held up well today, amidst continuing global market uncertainty, closing 0.7% down on R177,89 p/kg.

The Australian market experienced pressure on Wednesday and recovered somewhat on Thursday, to close 2,6% down this week. Although the weaker currency supported the market, the further weakening late during trade on Thursday was too late for buyers to take full advantage of the weaker levels. Crossbred and non-merino type wools came under pressure, with more lots passed in, resulting in an overall sales clearance of 88,9%. The long, fine merino fleeces once again attracted good competition and performed better than the market average.

The major buyers on today’s sale were: Lempriere SA (3 037), Standard Wool SA (2 226), Modiano SA (1 811) and Tianyu SA (1 336).

The average clean prices for the selection within the different micron categories for good top-making (MF5), long fleeces were as follows: 18,0 microns increased 0,3% to close at R191,81/kg; 18,5 microns moved 0,5% up to close at R188,45/kg; 19 microns gained 0,9% to close at R186,25/kg; 19,5 microns strengthened by 0,7% to close at R192,74/kg; 20 microns was 0,9% stronger to close at R183,84/kg; 20,5 microns won 1,2% to close at R183,62/kg; 21,0 microns lost 0,4% to close at R179,65/kg; 21,5 microns tumbled by 1,9% to close at R177,25kg; 22 microns fell 4,1% to close at 172,73/kg and 22,5 microns declined by 0,1% to close at R175,01/kg.

The next sale is scheduled for 20 March 2020 where ±10 304 bales will be on sale.