Cape Wools Weekly Market Reports for 29 and 30 August 2023

Cape Wools Weekly Market Reports for 29 and 30 August 2023

After last week’s recess in auctions, the 2nd sale of the 2023/24 wool selling season took place on 29 August.

With catalogue 3 scheduled to take place tomorrow, a very small volume of 4 868 bales were offered, making price comparisons more difficult.

The market continued to experience negative pressure, with the stronger SA currency further adding to the difficult trading environment.

A better overall picture of the market will become available after the 30th August auction, as the Australian market showed some positive signs.

The non-certified indicator decreased by 5,5% to close on R149,45 p/kg, whilst the certified indicator declined by 6% to close on R162,37 p/kg. An overall sales clearance of 88,2% was achieved.

The Australian market traded slightly up by 0,8% (AU$) from their previous auction held on Wednesday23 August.

The major buyers on today’s sale were G Modiano SA (931), Tianyu SA (751), Standard Wool SA (662) and Stucken & Co (445).

The 3rd sale of the 2023/24 season took place on 30 August, with another small offering of 5 101 bales.

Another large percentage of certified sustainable wool was on offer, comprising 68% of the merino wools offered.

The market ended on very similar levels as the previous day, with the non-certified wools performing slightly better on the day. An overall sales clearance 86,8% was achieved.

The non-certified indicator closed up by 0,5% to close on R150,25 p/kg, whilst the certified indicator eased slightly by 0,2%, to close on R162,10 p/kg.

The Australian market ended marginally down by 0,4% (AU$) and unchanged in US$, from their sale held on 29 August.

The major buyers on today’s sale were G Modiano SA (1,707), Standard Wool SA (753), Tianyu SA (678) and BKB Pinnacle Fibres (458).

The next sale will take place on 6 September where approximately 5 842 bales will be on offer.

Source: (Cape Wool SA)