WOOL prices have reached an all-time high after a boost through strong demand and a weaker rand.
The Cape Wools Merino indicator gained 3,2% on last week to close at its highest level in history at R112,49/kg for clean wool this week.
This is about 29% higher than at the season's opening sale and up 9,5% on the same sale the previous season.
Cape Wools spokeswoman Ona Viljoen said the rand remained under pressure following continued labour unrest and at R8,82, had lost 3,4% of its value against the US dollar. At R11,71, it was also 4,9% weaker against the euro.
"There was excellent competition from all sectors of the trade for the 15380 bales on offer, of which 98% was sold.
"Prices rose across the board but fine long fleeces posted the biggest gains after being under pressure at last week's sale with some micron categories posting gains of up to 5%," Viljoen said.
About 13000 bales will come under the hammer at next week's auction. – Yolande Stander