Home / Knowledge / News / Textiles / Prices of wool touch new lows
Prices of wool touch new lows
16
Oct '08
Wool prices declined for a second week in a row on the back of the uncertainty caused by the turmoil in global financial markets, and Cape Wools' Merino indicator finished the day 5,1% softer at R49,18/kg (clean).

This was the first time since December 2006 for the indicator to fall to below the key R50/kg level. Although the average indicator for the season to date is 14% down year-on-year, it still is 10% higher than the average indicator for the 2007/08 season.

Buyers report a sharp decline in orders since clients are reluctant to buy in the current economic climate and unstable currencies. In Australia, the market indicator fell 2,2%.

Unlike last Wednesday, the rand was fairly stable during the morning, trading at R9,15 to the US dollar at mid-morning. At R12,47, it was largely unchanged against the euro compared with last Wednesday's exchange rate.

Prices were lower across the board. In the long Merino wool category, the broader end of the market, particularly 22 microns and 23 microns, was the most affected, declining by
over 6%.

The offering comprised 6 171 bales of which 86% was sold. Major buyers were Modiano (1 216 bales); Standard Wool SA (1 016 bales); Stucken (973 bales), and Chargeurs Wool (784 bales).

Average price movements for AWEX-type fleeces MF4 and MF5 of 70 and 80 mm were as follows: 19 microns were down 1,9% to R65,49/kg, 20 microns fell 4,9% to R53,80/kg; 21 microns were 4,5% softer at R50,14/kg; 22 microns declined by 6,3% to R48,03/kg, and 23 microns were 6,6% cheaper at R46,24/kg. There were no quotes for 24 and 25 microns.

Approximately 10,500 bales have been rostered for next week's sale.

capewools

Must ReadView All

Neelesh Hundekari speaking at the event. Courtesy: Subir Ghosh

Textiles | On 27th May 2017

Fabric of Change initiative announces €250000 scaling fund

The Fabric of Change initiative of Ashoka and the C&A Foundation is...

Pakistan's Finance Minister Mohammad Ishaq Dar presenting Budget 2017-18 in National Assembly in Islamabad on May 26. Courtesy: PID, Pakistan

Textiles | On 27th May 2017

Pakistan Budget 2017-18 proposes 4 new measures

To support the textile sector in Pakistan, finance minister Mohammad...

Textiles | On 27th May 2017

Indian exports can touch $325 bn in 2017-18: FIEO

Indian exports are on upward trend in last few months as the country...

Interviews View All

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search