The attitude of market analysts is optimistic. They think that the market will show an upward trend that occurred last year and wool demand will remain strong. In the last trade before the Christmas holiday, the Cape Merino index rose 3.7%. It is 9% higher than the opening price in mid-August last year.
Some experts said that the market may be the same as last year's trend. After the first deal after Christmas last year, the market opened strongly.
Experts expect strong demand for wool, especially finer wool (19.5 micron and finer wool), and purchases by Italy and other European buyers are still large.
The favourable factor in the wool market is the good demand for natural fibers and the decrease in the supply of apparel wool in the international market. In Australia, the world’s largest apparel wool supply country, production fell to 343 million kg last year and fell to the lowest level in 80 years. The latest production forecast shows that production continues to decline by 2.3% to 335 million kg.
South Africa is the world’s second largest producer of apparel wool and one of the few export countries. In recent years, the production of apparel wool has stabilized at 48 million kilograms.
However, some analysts have warned that the wool market may fluctuate. Among them, exchange rate changes may be partly responsible.
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