The 2011/12 wool season commences on Wednesday (17 August) when approximately 14 000 bales will be on offer at auction in Port Elizabeth. The season opens amid uncertainty about the world economy and the debt crisis in the USA and Euro-zone countries, which may have a dampening effect on prices. Local traders, however, expect the market to remain strong. The past season has been one of the best seasons for the South African wool industry in decades. The Cape Wools Merino indicator gained 68% to close at R97,29c kg (clean wool), the highest level since the late 1980s, following the strong demand for wool.
