Ricochet News

Wool Market Strengthens

Jan 22, 2015
Wool Market Strengthens

The wool market strengthened at this week’s sale, Cape Wools saying that market conditions “remain tough”.

The Cape Wools Merino Indicator gained 3.2% compared with last week to close at R111.43/kg.

Cape Wools reported local traders as saying that the “significantly large offering” was “putting pressure on prices and that a substantial percentage of the offering consisted of low grade wool”.

It added, however, that good quality, well-grown Merino wool remained highly sought after, with 19.0 micron and finer in key demand.

The offering was 14 863 bales of which 68% was sold. The next sale is scheduled for January 28.

The Rand had depreciated by 0.3% against the US Dollar compared to the average rate at the previous sale but was 1.3% stronger against the Euro. - MetroMinutes.



IMAGE supplied by www.en.wikipedia.org