Fed: Wool prices continue to surge

AAP General News (Australia)
04-09-2001
Fed: Wool prices continue to surge

The surge in Australian wool continues, defying trends hitting its competitors.

Wool prices climbed 1.6 per cent last week to reach 854 cents a kilogram, the highest
price in more than six years.

The strong prices came despite one of the biggest auctions this year with almost 100,000
bales on sale.

Now analysts believe prices could go even higher.

The Woolmark Company reported much of the improvement continues to be in fine micron wools.

Woolmark says with supplies under pressure, particularly in the stockpile held by WoolStock
Australia, there could be more good news in coming weeks.

The industry has also been buoyed with new export figures showing wool exports in the
eight months to February this year valued at $2.26 billion, an increase of 22 per cent
on the same time last year.

National wool auctions will re-start in two weeks' time.

AAP RTV sw/kjp/mjm

KEYWORD: WOOL (CANBERRA)

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