Wool Market Strengthens
The wool market strengthened at this week’s sale, Cape Wools saying that market conditions “remain tough”.
The Cape Wools Merino Indicator gained 3.2% compared with last week to close at R111.43/kg.
Cape Wools reported local traders as saying that the “significantly large offering” was “putting pressure on prices and that a substantial percentage of the offering consisted of low grade wool”.
It added, however, that good quality, well-grown Merino wool remained highly sought after, with 19.0 micron and finer in key demand.
The offering was 14 863 bales of which 68% was sold. The next sale is scheduled for January 28.
The Rand had depreciated by 0.3% against the US Dollar compared to the average rate at the previous sale but was 1.3% stronger against the Euro. - MetroMinutes.
IMAGE supplied by www.en.wikipedia.org
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