Little change in wool prices

Port Elizabeth - South African wool prices remained virtually unchanged amid a large offering this week, Cape Wools said on Thursday.

Spokeswoman Ria van Rooyen said the Cape Wools Merino Indicator closed down a marginal 0.3%, at R114.84/kg (clean).

"This was 12.6% higher than the opening sale, and 2.4% higher than the corresponding sale of the previous season."

She said this week's offering was large at 15 200 bales, of which 98% were sold.

Traders attributed the current market conditions to the significantly large offering, and to the strengthening of the rand against the US dollar over the past few weeks.

However, there was strong competition for good quality coarse wool of 21 microns due to limited supply.

Major buyers were Standard Wools (4550 bales), Lempriere (3073), Stucken & Co (2358), Modiano (1834) and Segard Masurel (1534).

The next national sale was set for March 12, when an estimated 8000 bales would be on offer.