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Wool prices may fall on weaker cotton market
31
Aug '11
Wool prices may fall owing to weaker cotton market, but not to an extent to affect the revival of sheep flock in Australia, which has seen a decline in numbers for last two decades.

The prices of wool are currently 12 percent lower than the record high touched in June this year, as per the Australian eastern markets index. The price of cotton, on the other hand, has fallen by nearly 50 percent of its all-time high in March this year.

Bankers in Australia say the millers will increase the polyester and cotton content, unless there is a decline in the prices of wool.

A bank official, however, said the price of wool would start declining in spring when more production comes to the market. But, he added, the price, which currently stand at Aus$ 13.15 per kg, would not plunge below Aus$ 11 a kg.

There is currently a slump in Australia's wool production and the supply is expected to remain critically tight. The wool production in New Zealand, the second-largest wool exporter after Australia, has also dipped by more than half to 358,000 tons from its peak output in 1980s.

Fibre2fashion News Desk - India

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