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New Zealand wool prices low as supply exceeds demand
22 Aug '12
1 min read
New Zealand wool is fetching lower prices as the amount of wool offered for sale is very large compared to the current demand, according to New Zealand Wool Services International (WSI).
WSI attributed the fall in wool prices to recession in Europe, nearly 60 percent fall in demand for carpet wool in Australia and New Zealand, as well as economic slowdown in China.
The large quantity of wool offered at auction by traders and farmers was also a reason for the prices being lower, WSI said.
The demand for wool is currently not enough to sustain a viable price and it is not prudent to put 35,000 bales of wool on offer in the market, it added.
WSI expects traders to review the quantity to be put on sale at the wool auction for next season.
Wool Brokers said exporters were consulted about the quantity of wool to be put up for sale at the beginning of the season, but weather and other factors determine the amount of wool that actually comes up for sale.
Fibre2fashion News Desk - India
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