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Wool dealers in loss due to firming of euro
18
Jun '08
Wool traders in Ireland are disappointed over not being able to increase wool prices this year due to stronger euro against sterling and dollar.

Despite robust global demand for wool and the opportunity to reap profits from its sales, Ireland wool growers do not find themselves on the receiving end. This is simply because the benefits of increased prices in the world market have been eroded by devaluated sterling and dollar against euro.

While earlier, the shearing season for lowland wool brought 70 cents per kilogram, it only fetches only 65 cents per kilogram in the east now that euro has firmed up.

Crossbred wool is procuring 55 cents per kilogram in the west, while wool from mountain sheep gets only 20 cents per kilogram.
In situations as complex as this, Ireland wool growers will only have to wait for appreciation of sterling and dollar in order to get their share of profit.

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Courtesy: Bruckner

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