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Wool prices hit record highs

Cape Wool SA says the price has increased by 25% compared to the corresponding sale of the previous season.

Picture: Pixabay

CAPE TOWN - Recent wool prices are rewriting the record books. Cape Wool SA says the price has increased by 25% compared to the corresponding sale of the previous season.

Last year, nearly all of South Africa's 52 million kilograms was exported, which resulted in a record turnover of R4.2 billion.

The organisation's Louis de Beer says the jump in prices is due to increased competition and a surge in demand.

“We also achieved record prices for individual farmers. There was one chap that earned, I think it was R184 per kg for his wool which was a new record. So yes it’s a new environment for us and we are trading at record highs.”

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