South African wool prices rise due to high demand and falling rand

Affected by the increase in demand for wool and the depreciation of the rand, in the just-concluded wool sales season, the South African Merino Wool Index rose 3% to close at 110.31 rand per kilogram, which was higher than the closing price of the previous season and the opening price of this season. Transaction prices increased by 17% and 26% respectively. Wool sales have been good this season, with the Merino Wool Index above R100 per kilogram most of the time.