Wool drops as dollar rises
PA Wellington A drastic decline in wool prices over the last week is the result of the high level of the dollar, according to the Federation of New Zealand Wool Merchants. “All offers overseas are dearer as a result, and overseas importers simply refuse to face up to this fact of life,” the federation said. Wool market prices depended on demand created by forward sales, current sales and local mill requirements. A shortfall of any of these sent values down, the federation said.
The floating dollar had inhibited forward sales, and order books were not as full as previously for this time of year. However, the strong dollar over the last week had been the main factor in lowering values. The Federation said lamb’s wool was in extremely short supply up to the New Year, causing inflated values. Wool Board participation is helping stabilise the market, but relative market stability is a serious problem for merchants who depend largely on fluctuations to make ends meet. I
Wool drops as dollar rises
Press, 21 January 1987, Page 2
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