Ricochet News

Wool Market Continues Lacklustre Performance

OCTOBER 23, 2014

The wool market “continued its lacklustre performance” at this week’s sale with the Cape Wools Merino Indicator shedding 0.8% to close at R112.00/kg (clean).

Cape Wools said this was 0.3% higher than the opening sale of the season but down 1.1% compared to the corresponding sale of the previous season.

It said the softer wool prices “reflected global market sentiment,” adding that the Australian market had performed similarly.

Traders, it said had reported that the large offering sold recently on the Australian market had “contributed to current price levels”.

The Rand at R11.02 was 0.3% stronger against the US Dollar but had depreciat-ed 0.1% against the Euro.

The offering comprised 10 250 bales of which 97% was sold. The next sale is scheduled for October 29 when approximately 9 800 bales will come under the hammer. - MetroMinutes