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Wool prices bring smiles to Monaro
10
Jan '08
It was like Christmas wishes coming true for the wool growers of Monaro as spot prices peaked at US $10 per kilogram before the markets closed for Christmas.

After struggling with drought for the past few years, the farmers had something to cheer about. The global consumption of wool is increasing aided by a strong economic global growth. Imports from China alone, account for nearly 65 percent of the wool produced in the country.

Experts say that presently market is showing poitive signs as both supply and demand are in equlibrium. The wool prices have reached an all time high, not seen in the past 17 years, with a hike of almost 34 percent.

Although, at one point of time, Wool had swayed the international arena, increasing use of synthetics has depressed its market share. Today, raw wool accounts for just 4 percent of all fibers used in the textile industry. However, according to industry professionals, in the coming years, woollen sector is bound to bounce back for better with the consumers preferences transforming with time.

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