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Wool trade to resume
Wool sales will resume on 13 January 2010, with approximately 12,000 bales to be offered at auction in Port Elizabeth.
Image courtesy of FreeDigitalPhotos.net.Credit: Simon Howden
The first half of the 2009/2010 season saw the market recovering after the previous season's decline as a result of the global economic crisis, Cape Wools said.
"At the final sale in December 2009, Cape Wools' Merino indicator was up 13% on the opening sale, and 25% higher than at the same sale the previous year," it said.
The market is expected to continue its upward trend in 2010 against the background of the improving global economy, which is expected to stimulate demand for clothing, the expanding Chinese wool textile industry and the declining supply of Merino wool, currently at its lowest level in 80 years, Cape Wools pointed out.
Market analysts did however, caution that the market would remain erratic, while the movement of the rand against the US dollar would also play a major part in determining price levels, the group concluded.
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