Strong demand from Italy for better-quality wool

Peter van der Sluijs via Wikimedia Commons

On the Australian market, the Eastern Market Indicator dropped 2.1%. The Cape Wools All Wool Indicator weakened by 1.8%.

There was a strong demand from Italy, in particular for the better-quality wool.

The buyers reported that the rest of the market was more subdued and the decline was mostly the result of the foreign exchange fluctuation.

This week saw the Rand at R15.43 to the US dollar. The rand strengthened by 1.6% against the US dollar compared with the average rate at the previous sale.

The rand strengthened 0.6% against the euro, trading at R16.92. The offering comprised 7,090 bales, of which 96.7% was sold. Major traders were Lempriere SA (2,029), Standard Wool SA (1,980), G Modiano SA (1,474) and Stucken & Co (926).

Source: Herald