Wool prices supported by weaker rand at latest sale

The wool market was up at this week’s sale with the Cape Wools Merino Indicator gaining 1.5% to close at R111.30/kg (clean).

This was 0.3% down on the opening sale of the season and 3.5% down on the corresponding sale of the previous season. On the Australian market, the indicator gained 1.6%, while the Cape Wools All Wool Indicator gained 1%.

Cape Wools quoted local traders as saying the increase had been supported by the weaker Rand. Traders also commented that there were “good opportunities and firm demand for quality, well grown Merino wool”.

The Rand on the day traded 2.9% weaker against the US Dollar at R11.72 compared with last week’s average and had also weakened against the Euro at R13.33.

Cape Wools said it had been “a rather small offering of 6 262 bales” of which 97% had been sold.

Article published from Metro Minutes by Patrick Cull”.