Port Elizabeth - The wool market maintained most of its' recent impressive gains at the second sale of the new wool selling season with the Cape Wools Merino Indicator decreasing slightly by 0,1% and by 20 points to close at a value of R238,09 (Clean). The Australian EMI lost 1,0% this week. The Cape Wools All Wool Indicator decreased by 0,1%

The strong demand for South African Merino Wool across all length and micron categories continues to drive the market. The market traded only slightly softer and a marginally stronger Rand also resulted in the small decline on the market.

Modiano bought the most bales on offer and 97.92% of the 9185 bales was sold on the day.

This week saw the Rand at R14,38 to the US Dollar and R16,66 to the Euro. The Rand was 0,8% stronger against the US Dollar and 1,6% weaker against the Euro, compared with the average rate at the previous sale. The offering comprised of 9 185 bales of which 98,5% was sold. Major traders were Modiano (2 800), Standard Wool SA (2 646), Lempriere SA (1 225), and Tianyu SA (1 133).

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 0,1% to close at R272,68/kg; 18,5 microns moved 0,5% up to close at R260,83/kg; 19 microns gained 0,2% to close at R251,24/kg; 19,5 microns weakened by 1,1% to close at R244,84/kg; 20 microns was 1,4% weaker to close at R243,05/kg; 20,5 microns lost 0,3% to close at R238,71/kg; 21,0 microns lost 1,9% to close at R237,18/kg; 21,5 microns decreased by 1,1% to close at R234,84/kg; 22 microns decreased by 1,0% to close at 235,22/kg and 22,5 microns climbed by 2,5% to close at R234,21/kg.

The next sale is scheduled for 03 September 2018 where approximately ±11 215 bales will be on sale.