Port Elizabeth - The South African wool selling season continued today, with an offering of 6707 bales, which consisted of good quality wools, the majority falling in the medium length category, with an overall sales clearance of 93.2%. The wool market closed 0,1% (17 points) up at a value of R142,50 c/kg (Clean). The Australian EMI moved 2,6% down this week.

This week saw the Rand at 0,9% weaker against the US Dollar and 1,2% weaker against the Euro, compared with the average rate at the previous sale. The market weakened by 0,8% in US Dollar terms. Considering the current uncertain trading environment, the market performed well, closing slightly up from the previous sale by 0.1%, but weakening by 0,8% in US$ terms. The positive market performance was in contrast with the Australian market, which closed down 2.6% (AU$) this week and was supported by the weaker SA currency of 0,9% against the US$.

There was good competition from the buying houses, with the better quality selected merino wools, especially in the medium length and broader micron segment, pushing the market into positive levels. The major buyers on today’s sale were: Standard Wool SA (1 927), Modiano SA (1599), Lempriere SA (1 206) en Stucken & Co (1 061).

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 2,8% to close at R168,45/kg; 18,5 microns moved 2,1% down to close at R156,22/kg; 19 microns lost 1,7% to close at R151,51/kg; 19,5 microns weakened by 1,3% to close at R146,29/kg; 20 microns was 1,0% stronger to close at R142,94/kg; 20,5 microns won 0,7% to close at R143,21/kg; 21,0 microns recovered 1,9% to close at R142,05/kg; 21,5 microns improved by 1,7% to close at R144,85kg; 22 microns rose 3,6% to close at R139,20/kg and 22,5 microns climbed by 1,4% to close at R134,78/kg.

The next sale is scheduled for 01 July 2020.