Port Elizabeth - The wool market shed most of the gains from last week and closed 4,2% down at a value of R142,33 c/kg (Clean), with 90,1% of the total offering of 8038 bales sold. The Australian EMI moved 2,7% down this week. This week saw the Rand at 3,3% weaker against the US Dollar and 2,3% weaker against the Euro, compared with the average rate at the previous sale. The market weakened by 7,3% in US Dollar terms.

The rand traded lower against the US$ and currency movements during the day were quite volatile, making it difficult for buyers to take a firm position, resulting in the market retracting by 7,3% in US$ terms. The Australian EMI also traded 2.7% lower this week, with developments in China resulting in more cautious buying. There was however still good competition amongst buying houses for good quality selected merino wools on offer, which performed better than the market average on the day.

The major buyers on today’s sale were: Standard Wool SA (1 790), Lempriere SA (1 719), Modiano SA (1 718), en Stucken & Co (1 082).

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 2,9% to close at R163,93/kg; 18,5 microns moved 4,7% down to close at R159,64/kg; 19 microns lost 2,3% to close at R154,17/kg; 19,5 microns weakened by 4,8% to close at R148,27/kg; 20 microns was 3,8% weaker to close at R141,54/kg; 20,5 microns lost 4,0% to close at R142,20/kg; 21,0 microns lost 2,6% to close at R139,45/kg; 21,5 microns tumbled by 3,2% to close at R142,37kg; 22 microns fell -2,5% to close at R134,34/kg and 22,5 microns declined by 2,7% to close at R132,88/kg.