Wool price oscillates in April
May 19, 2008 - China
Last month, the price of wool remained high, as a result the demand for it in domestic as well as overseas market reduced to quite an extant. With such high rates, the enterprises were in dilemma and hesitated to make shipments to foreign traders due to RMB appreciation.
In the whole month of April, the average Composite Price Index (CPI) of Nanjing Wool Market was around 61.55 yuan per kilogram, down nearly 0.50 yuan per kilogram. Previous month, the rate was settled at approximately 62.02 yuan per kilogram, a slight drop of 0.75 percent.
Market composite index continued to show modest trend in April. In the first week, market Composite Price Index climbed slightly from the level of the previous month to 61.98 yuan per kilogram, the highest point for April. In second and the third week, with sluggish demand, the market pulled back slightly.
By the end of the third week, composite index fell to 61.25 yuan per kilogram, the lowest price in the entire month. In the last week, affected by Renminbi appreciation, market Price Index rebounded to 61.38 yuan per kilogram. However, by the end of April, the price fell 0.60 yuan per kilogram or 1 percent from the price in the early month.
At present, the Composite Price Index for April is nearly 61.55 yuan per kilogram a decline of 2.37 percent from January Index, which was around 63.05 yuan per kilogram. But 2.58 or 4.37 percent higher than the average price of 58.97 yuan per kilogram when compared to April 2007.