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Wool Market Escaping Greek Exit Saga

13 July 2015

AUSTRALIA – No direct effect on wool demand can be attributed to the Greek debt crisis and negotiations with the European Union, according to Australian Wool Innovation (AWI).

Wool prices have been falling for several weeks from exceptionally strong positions but it is China’s economy that has been placed at the forefront of market drivers by analysts.

A strong finish to the final day of wool trading last week gave “positive signals” that a recent downturn in wool price has been addressed, said the AWI. The Eastern Market Indicator (EMI) closed 10 cents lower at 1221 ac/clean kilo but AWI noted the “gusto” in the market on the final day.

This provides positivity going into a three week break in trade before recommencing in August, when wool auctions are tipped by AWI to be “firmer to stronger”.

Major market influences are the falling Australian dollar, a positive factor, being possibly negated by Chinese share market woes, said AWI in its weekly report.

AWI said: “Chinese taxi drivers to millionaires are all being adversely affected by the crash, although the Chinese government intervention towards the end of the week may help restore some semblance of normality and confidence.

“The saga that is the Greek debt continues to play out in Europe, although no direct effect on wool demand can yet be attributed.”

Michael Priestley

Michael Priestley
News Team - Editor

Mainly production and market stories on ruminants sector. Works closely with sustainability consultants at FAI Farms.

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