Australian wool prices under big pressure
The price of wool is falling steeply as China’s textile industry feels the fallout from the trade war with the United States, and European economies weaken. with industry leaders bracing for worse to come.
Australian wool prices are back to 2016 levels with growers withdrawing bales from auctions after more price falls last week linked to reduced demand from Chinese consumers and Italian producers of woven cloth.
Leading wool exporter and broker, Fox & Lillie expects wool prices to come under more pressure this week as South Africa returns to selling wool after a big build-up in inventory caused by a breakout of foot and mouth disease in January.
Full article here: The Australian Financial Review: Wool out in the cold as China stops buying.