Fed: Wool prices hit four year high

AAP General News (Australia)
02-16-2001
Fed: Wool prices hit four year high

Wool prices have reached their highest level in four years, as farmers benefit from
high demand, the low Australian dollar and changing fashion trends.

The average weekly price of wool hit 821 cents a kilogram this week, up 25 cents over
the previous week.

Woolmark group manager CHRIS WILCOX says it's the highest price since June 1997, when
wool prices peaked at 815 cents a kilogram.

He says the price surge has been pushed along by farmers holding back supplies and
wool processors growing nervous over wool stocks.

Mr WILCOX says there is strong demand in Europe and China and India have kept up their purchases.

Meanwhile changing fashions is one of the biggest factors in wool demand.

AAP RTV sw/daw/tso/jn

KEYWORD: WOOL (CANBERRA)

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