Port Elizabeth - The 24th sale of the 2019/20 wool season took place today with 10 180 bales on offer. A third of the offering was withdrawn on the first day, with a 76% sales clearance achieved on the wools actually offered on the sale. The wool market closed 12,5% (2 220 points) down at a value of R155,69 c/kg (Clean). The Australian EMI moved 5,5% down this week.

This week saw the Rand at 5,6% weaker against the US Dollar and 1,7% weaker against the Euro, compared with the average rate at the previous sale. The market weakened by 17,2% in US Dollar terms. The wool market succumbed to the global impact of the continuing corona virus crisis on today’s sale, very much in line with what the Australian market experienced this week , with their market closing down 5.5% (AU$ p/kg).

The South African market closed down 12.5% in rand terms, with very little support from the weaker ZA currency of 5.6% against the US$. The market showed some improvement later during trade on the second day, despite the SA currency strengthening late on Thursday.All micron categories were under pressure, although there was still some good competition from buyers, albeit at lower price levels.The major buyers on today’s sale were: Standard Wool SA (1 866), Modiano SA (1224), Lempriere SA (798) and Tianyu SA (699).

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 decreased 13,0% to close at R166,94/kg; 18,5 microns moved 12,6% down to close at R164,76/kg; 19 microns lost 13,3% to close at R161,54/kg; 19,5 microns weakened by 16,4% to close at R161,07/kg; 20 microns was 12,6% weaker to close at R160,63/kg; 20,5 microns lost 13,5% to close at R158,87/kg; 21,0 microns lost 14,8% to close at R152,98/kg; 21,5 microns tumbled by 8,6% to close at R161,99kg; 22 microns fell 9,8% to close at 155,86/kg and 22,5 microns declined by 10,7% to close at R156,32/kg.

The next sale is scheduled for 26 March 2020 where approximately ±7 635 bales will be on sale.