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SA wool market strengthens

Port Elizabeth - South African wool prices were stronger at this week’s national sale, Cape Wools said on Wednesday.

Company spokesperson Lizelle Delport said Cape Wools’ Merino indicator gained 3.6% on last week to close at R114.43/kg (clean).

"The demand from China, weaker rand and good competition for top quality wool at this week’s sale assisted in pushing the prices higher."

Delport said it was a fairly large sale with 12,928 bales offered, of which 98 percent was sold.

She said wool prices rose across the board, with the finer types posting the greatest increases.

The most active traders were Standard Wool (3865), Modiano (3156), Lempriere (2430) and Stucken & Co (1341).

The next sale was scheduled for November 13, when an estimated 12,000 bales would be on offer.

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