Ricochet News

Upward trend continues in wool prices

Nov 13, 2014
Upward trend continues in wool prices

The upward trend in wool prices continued at this week’s sale in Port Elizabeth on Wednesday, with the Cape Wools Merino Indicator gaining 2% on last week to close at R113.21/kg (clean).

Cape Wools said this was 1.4% up on the opening sale of the season but 1.3% down compared to the corresponding sale last season, adding that the same trend was evident on the Australian market.

It reported that “buyer confidence” had recovered “as the quality of the week’s offering had improved slightly,” while the weaker currency also contributed to the stronger market.

Cape Wools said there had been strong competition across all sectors of the trade, adding that 97% of the 10 200 bales had been sold. The next sale is on November 19. - metrominutes