Ricochet News

New Eastern Cape Wool Season Off To A Good Start

New Eastern Cape Wool Season Off To A Good Start

The new wool selling season got off to a good start on Wednesday in Port Elizabeth, with the Cape Wools Merino Indicator closing the day at R111.63 a kilogramme (clean).

Cape Wools said in a statement this was 1.1% down on the closing sale of the previous season but was, however, 9.5% up on the corresponding sale of the previous season.

It said similar market conditions had prevailed in Australia where the indicator had dropped 3.6%, adding that traders had “reported hesitancy” among Chinese buyers, which had resulted in prices easing at this week’s sale.

However, it added, good quality fine wools had been “keenly sought after due to firm demand in Europe, while high mid-break wools had been dis-counted”.

It said the sale had resulted in a clearance of 98% of the 19 945 bales on offer. The next sale is on September 3. - MetroMinutes.