MARKED ADVANCE IN BRADFORD WOOL TOPS QUOTATIONS

Wanganui Chronicle, 4 October 1949, Page 5

MARKED ADVANCE IN BRADFORD WOOL TOPS QUOTATIONS

LONDON, Oct. 3 (Rec. 6 pm).—The Bradford market has responded to dearer Dominions’ wool by registering a marked advance in top quotations this week and business is being done at prices fully 10 per cent, above pre-devaluation levels, though even this does not take adequate account of the wool price rise during the same time, states the special news service.

Bradford top market prices are the highest since the early months of this year. Traders here have reacted to the news that America, Continental Europe, Russia and Japan all buying in Australia and large Yorkshire importers are following the market, as they must provide for pressing machinery needs here and for consumption which still tends upwards. For the first time in many months some large manufacturers are willing to contract ahead for yarn supplies, this being in contrast to the recent practice of covering only specific business.

This market, too, feels American buying influence for United States houses are inquiring for dry-combed Merino tops, botany noils and certain other intermediate products. Some United States importing houses have withheld business in recent weeks in expectation of sterling devaluation and are now anxious to buy not only raw wool but processed wool ready for later stages of manufacture. This makes up for delay in buying and gives America an advantage of sterling labour costs.

Yorkshire is impressed by the strength of the present competition for wool. Firms would distrust current prices if competition were restricted, but practically all large-scale wool-using nations are in the market and this has produced a buying movement in the Bradford top market which is probably the largest seen this year. Both the home trade and exporting houses are buying tops in fairly substantial quantities, and over a wide range of qualities, from the finest Australian and South African to New Zealand medium crossbred. Top Quotations are apnroximalely: 70’3 A. 118: 70’s B. U4d: 64’s A. Hid to 1l2d: 64’s B. 105 d to 106 d: 60’s super, 95d to 96d: 60’s, average, 94d; 58’s, super. 83d: 56’s. super. 68d: 50’s, 45d to 464. 48’s. 44d; 46’s. 42!d._ Special N.Z.P.A. Correspondent.