Ricochet News

Wool Market Strengthens at Final Sale

DECEMBER 11, 2014
Wool Market Strengthens at Final Sale

The wool market strengthened at the final sale before the Christmas recess with the Cape Wools Merino Indicator gaining 1.5% compared to the previous sale to close at R110.82/kg (clean).  

Cape Wools said that this was 0.7% lower compared to the opening sale and 5.6% down on the corresponding sale of the previous season. In Australia, the market indicator lost 0.2% week-on-week.

Cape Wools reported local buyers as saying that the firmer Australian market, combined with a stronger Australian Dollar had “contributed to the higher prices that were paid in South Africa,” adding that South African prices had also benefited from the weaker Rand, which had depreciated by 3% against the US Dollar.

The offering on Wednesday was 14 152 bales of which 97% were sold. The first sale for 2015 is scheduled for January 14. - MetroMinutes.