Ricochet News

Weaker Rand Supports Wool Market

OCTOBER 2, 2014
Weaker Rand Supports Wool Market

The weaker Rand supported the wool market at this week’s sale with the Cape Wools Merino Indicator gaining 0.5% to close at R115.26/kg (clean).

Cape Wools said this was 2.2% higher than the opening sale of the season and 0.1% up on the corresponding sale last season.

“Solid demand for good quality wool underscored the market, although a smaller offering with a substantial percentage of low grade wool put prices under pressure.”

The Rand on the day was trading 1.8% weaker at R11.30 against the United States Dollar compared with last week’s average rate, while at R14.24 it had appreciated by a marginal 0.4% against the Euro.

The sale resulted in a 98% clearance of the 6764 bales on offer. The next sale is scheduled for October 8 when approximately 8 400 bales will come under the hammer. - metrominutes