SA's wool prices under pressure
The South African wool market came under pressure at this week's national sale says Cape Wools.
The price of wool has risen by 8.2% year-on-year for SA's sheep farmers. Image: Wiki Images
Company spokesman Lizelle Delport said Cape Wool's Merino Indicator shed 3.1% on last week's prices to close at R111.48/kg (clean).
"This is 9.3% higher compared with the opening sale of this season and up 8.2% compared with the corresponding sale of the previous season."
Delport said the market appeared to be without direction while resistance to the high price levels may have contributed to the lower prices.
Wednesday's sale resulted in a 94% of 11,243 bales on offer being sold.
The most active traders were Modiano (2,821), Standard Wool (2,493) and Lempriere (2,469).
An estimated 15,000 bales would be on offer at the next national sale scheduled for 4 December. There will be a special sale on 11 December.
Source: Sapa via I-Net Bridge