STRONG demand and a weak currency pushed wool prices to a fresh high, Cape Wools said yesterday.
Company spokeswoman Ona Viljoen said the Cape Wools Merino indicator gained 4.7% to close at a record R115.65/kg (clean).
This represented an increase of 32% on the opening sale and was also 12% higher than at the same sale last season.
Viljoen said competition among the various buying houses was fierce for the offering of 7746 bales.
The prices of long fleece wool rose, but the biggest gains were in the medium wool categories. Although prices for fine wools were up, these were still below the levels seen two years ago. – Sapa