Weak NZ wool market stokes demand for storage heading into main shearing season

Tue, 27 Dec 2016

By Tina Morrison Dec. 28 (BusinessDesk) - As New Zealand heads into its main wool production season, weak overseas demand for the fibre is likely to see the country’s stockpiles rise to the highest level since the Global Financial Crisis eight years ago. The market for crossbred wool, which accounts for about 80 percent of the national clip, is under pressure due to high levels of finished inventory in China, a shrinking Chinese manufacturing sector, weak European demand following the Brexit vote, and continued competition from synthetic...

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