The cost of fine wool on the Sydney Futures Exchange has risen 74 per cent to $US15,500 a tonne in the past year, according to commodity analysts at Mintec. Jumpers, cardigans, coats, socks, scarves and headgear are all expected to be impacted.
The price of wool has been driven higher after world output suffered an 85 year low following drought and floods in the world’s largest producer, Australia.
Rising demand from emerging economies like China have exacerbated the problem.