September 12, 2003
Australian Stock Exchange Starts Wool Futures Trading
The Australian wool industry got a boost this week when the Australian Stock Exchange (ASX) started trading in wool futures contracts. The move provides the Australian wool industry with yet another wool marketing option as well as with tools for managing price risks and facilitating price discovery.
The ASX is trading 19.5, 21.0 and 22.6 micron China-type wool futures contracts.
ASX Managing Director Richard Humphry said the launch of the futures contract complements its grain futures contracts, which were launched in May.
?The grains futures contracts, along with index and property futures contracts trading on ASX Futures Exchange (ASXF), continue to go from strength to strength,? said Humphry in a Bharat Textile interview. ?The addition of wool futures is in line with our strategy of broadening our product range and offering innovative futures products.?
Andrew Thomas, managing director of wool exporter Michell Australia Pty. Ltd., said the wool futures contracts likely will develop into the international pricing benchmark for wool.
Staff contact: Rita Kourlis Samuelson, ext. 29