Despite high demand from Italy, the wool market traded 1,5% lower, and the Merino indicator lost 230 points to close at R151,99 clean. The Australian market was 2,1% down. According to Cape Wools, local trade was unusually subdued because of foreign exchange fluctuations.
However, James de Jager, general manager of fibre at CMW, said that in US dollar terms, the market had remained stable with wool fetching good prices.“Demand from overseas’ mills remains upbeat, with a pipeline that is relatively low in stocks,” he added.
Meanwhile, retailers were facing increased pressure to procure wool products from producers who adhere to ethical sheep farming standards, following US-based Textile Exchange’s recently released Responsible Wool Standard draft, which proposes a global sheep and wool welfare standard. CMW’s highest price of R130,10 was achieved…