OUTLOOK FOR WOOL

Press, Volume XC, Issue 27472, 5 October 1954, Page 15

OUTLOOK FOR WOOL

PRICES SLIGHTLY AGAINST BUYER STRONG POSITION OF N.Z. CROSSBREDS (N.Z. Press Association—Copyright) LONDON, October 4. Wool in the Commonwealth markets moved*; slightly against the buyer last week, especially in superior style combings, because the sustained volume of Yorkshire buying was augmented by increased competition from Continental Europe and Japan, states the International Wool Secretariat special news service. This has strengthened the tone of the Bradford tops market, and, although it is difficult to sell tops at better prices, a firmer attitude is adopted by topmakers, who are insisting on the full quoted rates as a basis for businesi. In comebacks and fine crossbreds, the price tendency was against the buyer and all other qualities were firm at recent levels. A good ’deal of business has' been placed in tops in the Bradford market in the last week or two. The generally firm behaviour of wool since the season opened and the narrow movement of prices encourage the hope that a stable basis may have been reached and are together promoting feelings of confidence in the structure of values. Events of last week in the Commonwealth markets tend to strengthen that impression. This has led home trade spinners and manufacturers /to purchase useful weights of tops and Yarns, respectively, and recently placed business in intermediate products ensures mill activity for a few months ahead. Emphasis is still on. 60’s qualities and, fine crossbreds, although rather more interest is shown in Merinos. New Zealand crossbreds are generally regarded as occupying a strong position, as existing supplies must suffice for trade needs until the new season's wool comes forward. Meanwhile, some of the largest crossbred importing merchants have sold their entire stocks and have nothing to offer until they can buy new season's wool.