South Africa – Weekly Market Report (21/22 November 2023)

South Africa – Weekly Market Report (21/22 November 2023)

The 2023/24 wool season continued this week, with a larger offering of 10 790 bales on the 14th sale of the season. Certified sustainable wool comprised just below 50% of the merino wools on offer, with 63% of the offering testing 20 micron and finer.

The market took its lead from the good demand experienced in Australia this week, further supported by a weakening SA currency on the second day of the sale.

All micron categories ended the day in positive territory, with the good competition resulting in an overall sales clearance of 96,3%. A highest price of R 300,00 p/kg (greasy) for the season was achieved this week for a bale of 14,3 micron wool.

The non-certified indicator gained 6,3% to close on R156,35 p/kg and the certified indicator increased by 6,8% to close on R176,31 p/kg.

The Australian market continued its good performance and ended the week 1,6%(AU$) up from their previous sale held on Wednesday, 15 November.

The major buyers on today’s sale were G Modiano SA (2 601), Standard Wool SA (2 194), Tianyu SA (1 605) and BKB Pinnacle Fibres (1 475).

The next sale will take place on 29 November 2023 where approximately 16 736 bales will be on offer.

Source: Cape Wool SA