December 14, 2007
December 14, 2007 - The Australian wool market has broken through the 1000 cent barrier, to end the year 20 percent higher. The eastern market indicator closed on 1005 cents a kilogram, up 7 cents on last week.
Brett Cooper, from the Australian Wool Network, says that despite the strength of the Australian dollar, the market in 2007 rose strongly because of the limited amount of wool around.
"There is no secret that supply is down," he says. "We're about 145,000-148,000 bales less than was offered this time last year. That equates to a 13-percent decrease.
"Just to paint the picture a little bit more, if we go back five years, we're about 360,000-370,000 bales lower, or a 25-percent decrease than what was offered at the same period of time this year." Reprinted from ABC Rural Australia