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South African Wool Price Surges to Record Due to Rand Slump

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The benchmark price of wool in South Africa, the world’s second-biggest producer of the variety used for clothes, climbed to a record as the rand weakened and demand increased. The Cape Wools Merino Indicator climbed 6.6 percent to 253.82 rand ($16.45) a kilogram (2.2 pounds) at the sale in the southeastern city of Port Elizabeth,…

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