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Wool prices soften after 5-week rally

After a five-week rally‚ which saw the Cape Wools Merino indicator gaining 17%‚ wool prices softened at this week’s sale with the indicator shedding 3.9% to R100.29 a kg‚ Cape Wools said on Wednesday.

“There were concerns that the huge hike in prices was unsustainable since it was not being driven by increased consumer demand‚” said Cape Wools.

The weekly offering comprised 9‚904 bales‚ of which 96% was sold. - I-Net Bridge

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