|
|
|
Wool price takes severe shearing
1 May 2003
Wool prices have taken their biggest dive since the Australian Wool Exchange began trading in June 1995, slumping more than $1 in a day's trading - from $10.79 a kilogram to $9.65/kg.
An Australian Wool Exchange spokesman said the large amount of wool for sale had forced down the price, as well as the rising Australian dollar. More than 90,000 bales were offered for sale this week, despite the drought. The sales volume was the largest since July 2002.
The spokesman said that over the past 12 months some sectors had been performing quite well, such as superfine wool. The indicator had risen from $5/kg in 1998 to a high of $12. But a drop across all wool gradings is unusual, he said. The break in trading over Easter may have led to the glut.
The Daily Telegraph, 1/5/03, page 19.
|
|
