SOUTH African wool prices dropped slightly at this week's national sale, Cape Wool said yesterday.
Company spokeswoman 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 9548 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 next sale was scheduled for Wednesday when about 12500 bales would be on offer. – Sapa