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Port Elizabeth - The South African wool market held on to last week’s gains and remained steady for this week, Cape Wools said on Wednesday.
Company spokeswoman Lizelle Delport said Cape Wools’ Merino indicator closed the day up by a marginal 0.2% at R114.71 /kg (clean).
"This is 12.5% higher compared to the opening sale of this season and up 14.4 percent compared to the corresponding sale of the previous season."
Delport said good competition, a weaker rand and solid demand for good quality wool from the various sectors of the trade, resulted in a 99 percent clearance of the 12,208 bales offered at this week’s sale.
The most active traders were Modiano (3529), Standard Wool (3318), Lempriere (2274) and Stucken & Co (1139).
The next sale is scheduled for November 20, when an estimated 13 500 bales will be on offer.
