June 8, 2007
June 8, 2007 - The British Wool Marketing Board's (BWMB) final sale of the season has been canceled as the total stock of 35 million kg. (77 million lbs.) from 2006 has already been sold. It is the first time the entire clip has been sold within the selling year.
At this point last year, after holding the final sale, there was a carry forward stock of 4 million kg. (8.8 million lbs.). The indicator rose to 70 British pence per kilo (US$0.63 per lb.) at the last sale, held on May 9, bringing an increase of 4 British pence (US$0.08) on recent sales, at which prices averaged 66 British pence per kg. (US$0.59 per lb.).
BWMB said that this had occurred despite a backdrop of low world wool prices, largely influenced by the weakness of the U.S. dollar against the pound, making exports increasingly competitive and expensive. It added that this year, British wool has not only effectively sold out but has also outsold New Zealand wool, the main comparative wool type sold into Europe.
The first British wool sale of the new season will be held on July 4. Reprinted from The Wool Record Weekly