Wool market closes lower

The wool market closed lower at this week’s sale in Port Elizabeth due to the stronger Rand and the Cape Wools Merino Indicator dropped 1.8% to close at R110.08/kg (clean).

Cape Wools said this was 1.4% down on the opening sale of this season and

4.4% down on the corresponding sale of the previous season.

Cape Wools said local trader attributed the weaker market mainly to the stronger currency.

“Buyers mentioned that the demand for well-grown Merino wool was strong, yet they were experiencing some difficulty in acquiring sufficient quantities due to the small volumes currently on offer.

The offering consisted of 8 184 bales of which 99% was sold.

Article published from Metro Minutes by Patrick Cull”.

Posted in Government News
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