WOOL PRICE TRENDS

Press, Volume CII, Issue 30042, 29 January 1963, Page 15

WOOL PRICE TRENDS

Good Averages In Australia

Sharply increased average prices for wool sold * Australian sales are reported by Deigety and New Zealand Loan, Ltd’s news service, dated January 27. In Sydney the average price of 63342 bates of greasy wool was 68.54 d per lb or £74 10s lid a bale, against the previous average in that city of 61.53 d per lb or £74 18s a bale two weeks earlier. In Melbourne the average price far 60,796 bales was 67.17 d per lb or £B4 10s a bale, compared with the previous average for the centre at 60.92 d per lb or £76 12s a bate. In Fremantle the average price for 23.231 bales was 62.05 d per lb or £B2 10s 3d a bale, against 56.06 d or £72 Us lid. Last week's overall Australian avenage was 68.90 d per lb, or £B4 4s Id a bale against the previous week’s average of 68.89 d or £B3 10s Bd. The selection offered the previous week was of better quality. Reporting that in the most recent week’s selling Merino fleece and skirtings were dearer by 2J per cent, with crossbreds up by 5 per cent, on the previous week’s nates, the news service says that apart from vigorous buying by Japan a feature of the sales had been increased activity by the United Kingdom.

The news service quoted the head wool buyer for a leading Japanese firm, Mitsui and Company (Aust.) Pty. Ltd., Mr S. Ogine, as saying that wool values should retnaw firm in the immediate future without any spectacular price movements, Increased sates of woollen goods in Japan, improved export orders and an easing of credit restrictions were the main factors in Japan’s domination of current Australian wool auctions, he said. Japan v ad secured substantial Chinese and Indian orders for wool tops and was buying big quantities of comeback and crossbred lots in Australia to supply these centres. Sales to China were on credit. An earlier news tetter quoted Datlgety’s head wool valuer in Sydney, Mr S. Davis, as saying that extreme winter conditions in Europe had helped boost wool values. Sales of woollen goods had risen sharply in Europe with manufacturers compelled to replenish low stocks, he said. Mr Davis also said that the loss of 30,000 bales in a Are in a wool conditioning house in Belgium had influenced demand.