Port Elizabeth - The wool market was down 0.8% following this week’s sale.
Cape Wools said the Merino Indicator shed 131 points to close at a value of R163,00 (Clean).
On the Australian market, the EMI increased 1.0% while the Cape Wools All Wool Indicator decreased 1.0%.
“The wool market again performed very well today and lost only 0.8% despite a strengthening Rand. It was a small offering with the majority of wool fine and of medium length. The firm demand for particularly fine wool continues and good prices were attained,” Cape Wools said in a statement.
“Competition was fierce with Standard Wool purchasing the largest quantity of bales despite the rivalry from all buyers at auction,” it said.
“This week saw the Rand at R12,65 to the US Dollar. The Rand was 3,2% stronger against the US Dollar compared with the average rate at the previous sale. The Rand was 1,7% stronger against the Euro, trading at R13,65,” it said.
The offering comprised of 5 276 bales of which 97% was sold.
The next sale is scheduled for 29 March 2017 when approximately 6 987 bales will be on sale.
