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Hope for turnaround as wool price slide continues
26 May 2003
Wool prices fell 1.5 per cent at last week's auctions, to reach 847 cents a kilogram. The continued slide follows two months of decreases which have cut 20 per cent from the price of all ranges of wool.
China, the biggest buyer of Australian wool, is continuing to stay out of the market, while the strengthening $AUD is also keeping some buyers away.
However Australian Wool Industries said there are signs that the price slide could be about to end. In its weekly analysis, AWI says the market seems to have bottomed out, with a contributing factor being the smaller quantity of wool on offer. Thirty-three per cent was passed in prior to sale and 24 per cent was passed in nationally.
Wesfarmers Landmark said also there are signs that buyers are about to re-enter the market, despite China's absence.
The Age, 26/5/03.
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