Pound hits Scots wool sale

By FWi staff

THE stronger Pound dented business at the last weeks British Wool Marketing Board sale in Scotland.

Trade was quieter, with just 69% of the 1.5m kg on offer being sold.

The weaker New Zealand Dollar made Kiwi supplies 10% cheaper for international buyers who are looking for strong wool types from which to manufacture carpet, says the BWMB.

Until the Pound comes down, wool traders expect the market to remain cool.

One factor that could work in wools favour is the rising world oil price, which eventually increases the cost of manufactured synthetic fibres, suggests the BWMB.

“However, 45% of the clip has been sold forward to date, which is only slightly back on last year.

“Our aim is once again to sell 75% of the clip forward by Christmas,” said a spokeswoman.