The 26th sale of the 2019-20 South African wool season was held this week amid the Covid-19 lockdown situation. Only the first half, consisting of 6,226 bales, were on offer, of which 91.7% were sold. The wool market closed 7.4% (1,227 points) down at R153.30 a kg clean.
This week, the rand was 3.2% stronger against the US dollar, compared with the average rate at the previous sale. Thus, the market weakened just 3% in US dollar terms.
The market started off fairly well, but retreated later in the day, mainly due to much stronger currency levels experienced during trading, with the SA rand closing on average 3.2% stronger against the US dollar. The market also experienced downward pressure, following the trend in the Australian market and a stronger currency.
The major buyers were Standard Wool SA (1,764), Lempriere SA (1,612), Modiano SA (816), and Stucken & Co (806).
The next sale will be held on 6 May 2020.
