2 plyed Superwash Merino handspun. I purchased the mill ends (not rovings, but a hodge podge of pieces and strips from a mill --- all spinnable with very little prep.) from ebay seller: "shpherder". I believe I paid $4US a POUND for this. Even including shipping it worked out to only about $5 Canadian for a pound. It is very slippery and a little difficult to control during spinning, but the end results are quite beautiful. She also sells actual rovings at a higher price....likely easier to spin.
The finished skein averages between 16 and 18 WPI (not as uniform as I am usually capable of) and should knit up beautifully.
I have 7 more pounds, in various colours. Heh. Yummy, super soft, lustrous, and washable!