Port Elizabeth - The 28th sale of 2019/20 wool season took place today with 7 603 bales on offer of which 94,4% was sold. The wool market closed 4,1% (583 points) up at a value of R148,55 c/kg (Clean). The Australian EMI moved 1,1% up this week. This week saw the Rand at 4,9% stronger against the US Dollar and 1,5% stronger against the Euro, compared with the average rate at the previous sale. The market improved by 9,4% in US Dollar terms.The wool market rebound today with a strong performance, despite the stronger SA currency of 4.9% against the US $. The market gained 4.1% from the previous sale and increased a substantial 9,4% in US$ terms, with an overall sales clearance of 94,38%.

The good market performance follows on the positive results emanating from Australia over the past week, with continued stable results in Australia on today’s sale.Improved market sentiment led to active participation by all buyers on the auction floor, especially the medium micron categories, with good quality lots performing better than the market average.The limited bins offered, as well as the increased competition for the sustainable lots on offer, compared to the last sale held two weeks ago, assisted in the gains achieved on today’s sale.

The major buyers on todays sale were: Standard Wool SA (2 036), Stucken & Co (1 378), Lempriere SA (1 276) en Modiano SA (1 101). 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 3,3% to close at R168,89/kg; 18,5 microns moved 2,5% up to close at R167,44/kg; 19 microns gained 2,1% to close at R157,72/kg; 19,5 microns strengthened by 4,3% to close at R155,71/kg; 20 microns was 4,5% stronger to close at R147,08/kg; 20,5 microns won 3,9% to close at R148,19/kg; 21,0 microns recovered 4,9% to close at R143,13/kg; 21,5 microns improved by 3,5% to close at R147,12kg; 22 microns rose 1,2% to close at R137,86/kg and 22,5 microns climbed by 1,9% to close at R136,52/kg.

The next auction is scheduled for 18th June 2020 where approximately ±8 470 bales will be on sale.