Australian wool prices drop 5%, biggest decline in one week; reversing an upward movement over 10 weeks.

From: Daily News Record | Date: December 1, 1993| Author: | Copyright information

Prices for Australian wool decreased by over 5% reversing a trend of increasing prices. Industry sources attributed the price decline to an increased supply of wool that exceeds previous estimates. Industry experts expect the trend towards lower prices to continue into 1994. The price of Australian wool has dropped to $3.07 per kilogram in recent auctions. Some sources suggest the drop was prompted by unusually large quantities of wool offered in a single sale.

Reversing upward movement over 10 weeks

NEW YORK -- Australian wool prices dropped by more than 5 percent last week at the ...

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