Wool prices slump to 5 year low

The lead indicator for the price of wool has hit its lowest level in five years, as the global retail slowdown begins to hit our sheep producers.

Since hitting record highs in September 2018, the price of our wool has dropped by 47 percent.

Back then the eastern market indicator hit 2101 cents per kilogram.

The markets have been in free fall since February, driven by coronavirus and the retail slow down — with the EMI falling another 2 percent this week to 1155c/kg.

To find out more, rural editor Eddie Summerfield caught up with Australian Wool Exchange Market Analyst Lionel Plunkett:

Listen to the full interview above or Subscribe to the National Rural News podcast: http://bit.ly/RuralNewsPodcast