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Prices up at Newcastle wool sales on Italian demand
15
Sep '11
The prices of super-fine quality wool increased significantly at the Newcastle wool sales owing to huge demand from Italian buyers.

On the first day of the sales, a kilogram of top quality wool fetched between AUD 22 and 26, which is higher by AUD 10 compared to last year's prices.

The price rise is expected to continue as the supplies of wool are less compared to earlier years.

The dip in the value of Australian currency vis-à-vis the US dollar has also contributed to price hike. Since the buyers from China pay in US currency, wool becomes even more costly for them.

As the quantity being offered on sale each week is getting comparatively reduced, demand for fine-quality wool is expected to stay.

Fibre2fashion News Desk - India

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