Wool market firm at this week’s sale


The wool market was “firm” at this week’s sale with the Cape Wools Merino Indicator gaining 1.5% compared with the previous sale two weeks ago to close at R113.42/kg (clean).

Cape Wools said in a statement that while there had been an increase of 1.5% compared with the previous sale “prices had declined 2.3% compared to the corresponding sale of the previous season”.

It said that the dearer wool prices “reflected the positive global market sentiment,” adding that the Australian market had also strengthened by 1%.

Cape Wools said that according to traders, the increase had been “prompted by good demand across all sectors of the trade for good quality South African Merino wool”. The next sale is scheduled for September 10. - metrominutes