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Internet wool trade gathers pace
4 Jun 2003
Forward pricing of wool via the Internet is gaining in momentum, according to Wooltrade's manager. Wooltrade is an Internet trading system that allows buyers to place bids and offers for clips in store. In March this year, the system was extended to forward pricing, with the facility offered to 10 brokers, including Woolgrower Independent Selling Service, Rodwells, Roberts and Arcadian and Quality Wool.
Woolgrowers wanting to forward price on the Wooltrade Forward Board enter details of their clips. Quantities and qualities are based on the previous clip and prevailing seasonal conditions. Buyers are invited to submit forward price offers, together with a premium and discounts schedule and expiry date, and vendors have the option of accepting or rejecting the bid.
There are now 57 exporters, processors and buyers registered with Wooltrade, with up to 20 logging on a day. Brokers are charged a flat rate of 3 cents per kilogram for all wool sold via the system.
Weekly Times, 4/6/03, page 85.
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