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”.