Ricochet News

Weak Rand boosts wool market

SEPTEMBER 11, 2014
Weak Rand boosts wool market

The wool market benefited from “good demand and a weaker Rand” at Wednesday’s sale, with the Cape Wools Merino Indicator gaining 1.9% on the previous week to close at R115.44/kg (clean).

This was an increase of 3.4% on the opening sale and was 3.1% higher than the corresponding sale of the previous season.

Cape Wools said in a statement that better style wools were “highly sought after during this week’s sale with buyers purchasing less desirable and tender wools at a slight discount”. Some 98% of the 9 722 bales on offer were sold.

It said the Rand at R10.67 was trading 2.6% weaker against the US Dollar compared with last week’s average rate and at R14.19 had also lost 1% against the Euro.

The next sale is scheduled for September 17, when approximately 6 600 bales will come under the hammer. - metrominutes