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Australia : Seven Wool Sales To Reduce Market Volatility |
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2003-7-2 9:29:00
Beginning from the next month seven more wool sales will be held at Fremantle each year to reduce the volatility of the market.
The move was approved by the AWEX board recently after buyers and sellers came up with the initiative.Elders WA wool manager Ken Walker said the extra sales would hopefully take out some of the fluctuations.
"Demand has reduced significantly this season because of world economic conditions and it is creating a lot of volatility," he said.
"We are trying to create a more stable market to even out the flow of wool on to the market."It's not because we anticipate a bigger quantity of wool."
West farmers Landmark wool operations manager Wesley Brake said the move for more auctions was partially triggered by the wool glut after Easter.
"The trade didn't have the capacity to take on that volume of wool," he said."So they're trying to spread the volumes out more evenly so the trade can source wool at a more regular rate and, more importantly for our growers, it gives them more options to offer their wool."
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