AUSTRALIAN WOOL

Press, Volume CII, Issue 30288, 14 November 1963, Page 10

AUSTRALIAN WOOL

Soviet Causes Price Rise Russian buying caused wool prices to rise from 5 to 7i per cent in Australia last week, some descriptions being up to 10 per cent dearer at the Newcastle auction compared with closing rates at the previous week’s Sydney sales, says the news service of Dalgety and New Zealand Loan, Ltd. The company’s joint senior wool valuer in Sydney (Mr S. Davis), who reported this, said the Soviet Union had bought large quantities of wool for immediate shipment. Time and again Russian operators outbid Japanese buyers at the Newcastle auction, he said. Competition was keen for superfine quality Merino wools, and there was an extremely strong demand for the limited selection of crossbreds.

One leading buyer said that activity by the Soviet was reminiscent of that nation’s demand for wool in the 1950-51 season. The United States also bought wool at Newcastle and was interested particularly in clips of 64’s quality and better.

A manufacturer of the world’s finest wool cloth, Ermenegilda Zegna E Figli, of Trivero, Italy, paid an Australian ' seasonal record price of 230 d per pound for five bales of extra super AAAA offered by Dalgety and New Zealand Loan. Ltd., on behalf of the Bayley Park Pastoral Company, Armidale. “Apart from a comparative shortage of wool stocks in most countries, unsettled political conditions in Europe and Asia are factors in the present price rise,’’ the buyer added.

The average price of wool at the Newcastle and Gpulburn sales was 81.59 d per pound, or £9B 10s 4d a bale. The average price at the previous week’s Sydney auction was 72.21 d per pound, or £9l 14s 6d a bale.