30 Aug 2011Despite a weaker rand, wool prices at the first sale of the 2011/12 season were lower due to world market uncertainty amidst the debt crisis in Europe and the US, said Ona Viljoen of Cape Wools. The Australian market has also declined since sales resumed last week, she added.
Compared with the previous season’s closing sale, the Merino Indicator fell by 4,5% to close at R92,02/kg (clean) in mid-June this year. But industry leaders said this price is still very firm, added Viljoen. Uncertainty about the country’s wool export status, after the Rift Valley fever outbreak, contributed to lower prices.
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