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Port Elizabeth - Cape Wool said on Wednesday that South African wool prices dropped slightly at this week’s national sale.
Company spokesperson Lizelle Delport said Cape Wools’ Merino indicator closed 2.4% lower at R110.51/kg (clean) compared to last week’s level.
"This is still 8.4% higher compared to this season’s opening sale."
She said there was keen competition on the auction floor between grease-wool exporters and processors and 99% of the offering of 9 548 bales was sold.
"According to traders, resistance from China towards the current price levels of raw wool continued to affect this week’s wool sale."
Delport said the local wool prices dropped across the board with the stronger types posting the greatest decline.
The most active traders were Modiano (2 712), Standard Wool (2 327), Lempriere (2 151) and Stucken & Co (1 282).
The next national sale is scheduled for 6 November when an estimated 12 500 bales will be on offer.
