Wool market reaches new high in final sale before Christmas
The wool market reached a new high at the final sale before Christmas with the Cape Wools Indicator closing the day at R117.36/kg‚ up 0.7% from the previous sale.
Wool prices rose to a new high of R117,36/kg at the final wool sale this year. Image: Wiki Images
According to Cape Wools. This was a 15.1% increase on the opening sale and up 6.8% on the corresponding sale last year.
"There was solid demand from the various sectors of the trade and 96% of the offering of 8‚011 bales was cleared to the trade. The small offering may have supported the current price levels‚" said Cape Wools.
The rand was relatively unchanged and at R10.32 traded 0.3% stronger against the dollar compared with last week's average rate.
Major buyers were reported to be Lempriere (2‚626)‚ Standard Wool (2‚229) and Modiano (1‚375).
"Prices were a mixed bag‚ but the medium to stronger wools posted the greatest increases‚" said Cape Wools.
Sales will resume on 15 January next year.