Since, the unveiling of the global economic crisis, exactly one year ago, wool prices have touched the bottom and according to an expert, they cannot be expected to rise once again before the next 12-18 months.
Wool prices are ruling at $4-5 per kg less than a year ago and with sales of high cost merino wools suits falling by 40-60 percent in some markets, it is going to time before they leap back again.
New Zealand Merino commercial manager Keith Ovens, said prices had peaked last year to fall back and for a correction to take place, something dramatic or supply problems can bring them back to their peaks.
China had become the largest purchaser of New Zealand merino wool this season, buying 80-90 percent of all output, because of a decline in Australia's fine and crossbred wool output, for various reasons.
Fibre2fashion News Desk - India
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