Home / Knowledge / News / Textiles / Weak rand supports wool market
Weak rand supports wool market
02
Oct '08
The market put up a solid performance at this week's sale amid the uncertainty in global markets and Cape Wools' Merino indicator gained 1.5% on last week to close at R54.30/kg (clean).

This increase can be ascribed partly to the exchange rate, which saw the rand weakening by 3.2% against the US dollar compared with the average rate at last week's sale, trading at R8.23 today. However, at R11.64, it was 1.1% stronger against the euro.

Supply concerns may also have supported the market. Receipts into brokers' stores are down 7.2% year-on-year. Possible causes for the lower receipts are the longer than normal rainy season in the Western Cape, which delayed shearing by three to four weeks, and lower fleece weights in areas affected by the drought.

The average prices of good quality long wools were up by between 1% and 2%. Long fine wools were up almost 3%.

The offering comprised 6 236 bales of which 94% was sold. Major buyers were Standard Wool SA (1 277 bales); Modiano (1 164 bales); Segard Masurel (1 086 bales), and Stucken (948 bales).

Average price movements for AWEX-type fleeces MF4 and MF5 of 70 and 80 mm were as follows: 19 microns strengthened 2.9% to R71.66/kg, 20 microns were up 1.5% at R59.09/kg; 21 microns gained 1.2% at R54.79/kg; 22 microns rose 2.5% to R53.67/kg, and 23 microns were 1.8% dearer at R52.68/kg. There were no quotes for 24 and 25 microns.

Approximately 8 000 bales will come under the hammer at next week's sale.

Capewools


Must ReadView All

Armtex Group gets incentives for textile unit in Armenia

Textiles | On 18th Mar 2019

Armtex Group gets incentives for textile unit in Armenia

Armenia recently granted textile manufacturer Armtex Group customs...

Pic: Gildan Activewear

Fashion | On 18th Mar 2019

Merger of athletic, leisure created new brands: Gildan

Merging of athletic and leisure categories in developed nations has...

Pic: Asteks

Textiles | On 18th Mar 2019

Asteks' AGV reduces workload in material transportation

AGV automatic guided vehicles developed by garment manufacturer...

Interviews View All

Headhonchos, Indian fashion industry

Headhonchos
Indian fashion industry

Organic the first choice of any environment-conscious person

Top executives, Textile industry

Top executives
Textile industry

The foremost issue is bridging the skill gap

Headhonchos, Indian textile value chain

Headhonchos
Indian textile value chain

'One nation, one tax' is a great concept

Paolo Crespi,

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Spring Chang,

Spring Chang

A specialist in manufacturing printing machines, <b>Wenzhou Changs</b>...

Marcello Galvanin,

Marcello Galvanin

Galvanin has more than 50 years of experience in the production of textile ...

Georg Reinhold, Trützschler  Nonwovens & Man-Made Fibers

Georg Reinhold
Trützschler Nonwovens & Man-Made Fibers

Trützschler Nonwovens & Man-Made Fibers, a part of the Trützschler Group,...

Mohammad Hassan, Biax Fiberfilm

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Ashok Desai, Bombay Textile Research Association

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Sonam & Paras Modi, SVA

Sonam & Paras Modi
SVA

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

Seema Agrawal, Artisan Saga

Seema Agrawal
Artisan Saga

Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...

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

Leave your Comments


March 2019

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

news category


Related Categories:

Advanced Search