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Wool prices softer as euro crisis deepens

25 May 2012

Wool prices softened further at this week's sale as the crisis in the euro zone deepened, said Cape Wools on Wednesday (23 May 2012). The market indicator shed 2.5% to close at R95,69/kg.

Wool prices softer as euro crisis deepens

According to Cape Wools the drop came despite a softer rand against the US dollar.

The rand weakened on mounting concerns about the outcome of a European Union leaders' summit on the euro-zone debt crisis, said Cape Wools.

At R8.33, the rand was down 5.7% against the greenback compared with the average rate at the previous sale.

This week's offering comprised 8,271 bales of which 93% was cleared. Major buyers were Standard Wool SA (3,182 bales), Lempriere SA (1,668 bales) and Modiano SA (1,240 bales).

No sale has been scheduled for next week. The final sale of the season will take place on 6 June when approximately 12 000 bales will be offered.

Source: I-Net Bridge

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