Wool Market Remains Sluggish
published 20 Mar 2024

The 26th sale of the 2023/24 wool season took place today, with an offering of 8 110 bales, after 501 bales were withdrawn prior to the sale.
 
The offering consisted of similar quantities long and medium length wools and a smaller volume (41% ) of sustainably certified wools.
 
Despite the weaker ZAR against the major currencies, the market still experienced downward pressure, following the trend in the Australian market.

The fine micron merino fleece wools outperformed the market, with accompanying good premiums for sustainably certified wool in these categories.

An overall sales clearance of 88,8% was achieved on today's sale.

The non-certified indicator decreased by 1% to close on R151,08p/kg, with the certified indicator declining by 1,2% to close on R168,74 p/kg.
 
The Australian market experienced further downward pressure this week and closed down by 1,3% (AU$) from their previous sale held on Thursday, 14 March.

The major buyers on this week's sale were Tianyu SA (1 902), G Modiano SA (1 406), Standard Wool SA (1 406) and BKB Pinnacle Fibres (1 142).

The next sale will take place on 27 March 2024 where approximately 9 127 bales will be on offer.

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