Home / Knowledge / News / Textiles / Wool market under pressure due to negative sentiments
Wool market under pressure due to negative sentiments
31
Oct '08
The wool market remained under pressure in the wake of continued uncertainty in global markets and negative business sentiment and Cape Wools Merino indicator fell by 6,3% to close at R44,15/kg (clean).

With orders from overseas clients still declining, today' sale was supported by mainly local processors, who were buying to keep mills running.

While the rand had strengthened compared with last Wednesday's exchange rates, it remained volatile, creating further uncertainty. At mid-morning it was trading at around R10,22 to the US$, which was up 6,3% compared with last week.

At R13,03 it was 7,1% stronger against the euro, and had also gained 9,8% in value against the Australian dollar, which exerted further downward pressure on the local market.

Prices were softer across the board. Superfine wools dropped by almost 10%, while the fine to medium qualities weakened by between 3,7% and 5%.

A total of 7 451 bales was offered, of which 84% was sold. Major buyers were Chargeurs Wool (1623 bales); Stucken (1 443 bales); Segard Masurel SA (918 bales); and Modiano (903 bales).
Approximately 11 000 bales will be offered at next week's sale.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 29th Apr 2017

Textile sector may have uniform GST rate: Irani

The textile sector could have a uniform Goods and Services Tax (GST)...

Textiles | On 30th Apr 2017

Government revamping tech mission on cotton

Indian Government is working to revamp the technology mission on...

Apparel/Garments | On 30th Apr 2017

Columbia Sportswear records Q1 net sales of $543.8 mn

Columbia Sportswear Company has announced record net sales of $543.8...

Interviews View All

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Jay Ramrakhiani
Occasions Elegance Wear

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

Wendell Rodricks
Wendell Rodricks

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

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

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:
April 2017

April 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



X