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  • Writer's pictureHannah Phillips

Wool: "It's all a bit negative"

Michelle Wool's Andrew Partridge says the wool market was "oversold" this week, "we had a bit of a spike, market was a bit oversold, so there was a bit of a rush."

"We'll try and take positive for next week but just looking through the indicators, the general Merino fleece dropping anywhere from sort of 20 to 50 cents clean," Mr Partridge told Flow News 24.

The Merino carding graph is showing a "very steep drop in that market and most of the indicators now are sort of pointing down and hitting those support levels."

Looking at overseas confidence Mr Atkinson said, "It is a little bit negative, particularly in the Asian countries that are fairly negative. Europe is okay but they're sort of going into holiday mode."

"We've got to remember wool is a discretionary product. Most of it goes into garments, so it's a discretionary spending by the consumer.

We don't have to buy wool, we only buy wool because it's nice and it's warm and we do that when we do our hiking and we buy a suit... it's a discretionary spend.

"When discretionary spending gets a bit tight, as we know through the world post COVID.

"China hasn't probably come out of COVID as well as what we'd like them to have."


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