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New positives for wool
11 Aug '08
1 min read
The lowest raw wool production levels since the mid-1940's and recovering demand predicted for the first half of 09, are set to resolve a cyclical downtown in wool process that started in January 2008.
Matt Pedersen expects the market to bottom out over the next few months before responding to historically low global supplies of merino wool and a solid fashion trend back to wool, not just in traditional men's suits and knitwear but also in casual styles and the active leisurewear market.
"Wool price are competitive with cotton and synthetics after outstripping the last year and cotton prices are also rising as many US growers convert to biofuel production."
Matt said tough economic conditions had softened demand in Europe, US and Japan, but consumer spending in China remained strong.
"Recent downward adjustments in exchange rates to below 95 cents are welcomed and will remain a factor in the wool price recovery we are hoping for," he said.
Matt Pedersen expects the market to bottom out over the next few months before responding to historically low global supplies of merino wool and a solid fashion trend back to wool, not just in traditional men's suits and knitwear but also in casual styles and the active leisurewear market.
"Wool price are competitive with cotton and synthetics after outstripping the last year and cotton prices are also rising as many US growers convert to biofuel production."
Matt said tough economic conditions had softened demand in Europe, US and Japan, but consumer spending in China remained strong.
"Recent downward adjustments in exchange rates to below 95 cents are welcomed and will remain a factor in the wool price recovery we are hoping for," he said.
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