WOOL prices softened further at this week’s Port Elizabeth sale, the penultimate sale of the season, as the crisis in the euro- zone deepens, affecting business sentiment, and the Cape Wools market indicator shed 2.5% to close at R95.69/kg (clean).
The drop came despite a softer rand against the US dollar.
The rand weakened on mounting concerns about the outcome of a European Union leaders’ summit on the eurozone debt crisis. At R8.33, the rand was down 5.7% against the greenback compared with the average rate at the previous sale.
This week’s offering comprised 8271 bales, of which 93% was cleared.