Weaker Rand supports wool market

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A weaker rand supported the market at this week's wool sale.

Cape Wools says its merino indicators gained 1.5% to close at R89.44 p/kg for clean wool, its highest level for the season.

Spokesperson, Ona Viljoen, says the market is performing reasonably well despite the current difficult business conditions.

She says a total of 8 726 bales were offered at Wednesday's sale, of which 98% were sold.

Viljoen says approximately 6 500 bales will go under the hammer at the next sale.