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Fox & Lillie Rural recently returned from their The Heritage of Wool Study tour to the United Kingdom and Italy with the group of wool growers coming back with an enhanced sense of confidence about the wool industry.
Fox & Lillie Rural’s brokerage manager Eamon Timms said the tour produced an excellent response.
“The general feedback from overseas European users was they are very confident about the prospect for demand for wool from their customers and they believe this will continue, even at these higher price levels.” Mr Timms said.
Fox & Lillie senior trader Peter Maher agreed with the sentiment.
“The landscape for wool is generally optimistic and these prices can hold in the short to medium term,” he said.
“European customers are keen to buy, but there is some concern around supply with some European buyers trying to lock in supply further out.
“While China is cautious at these levels, they need to buy and continue to do so.”
Other emerging trends saw overseas buyers showing an increasing interest in the provenance and production methods of wool.
Mr Timms said brands now look for a story behind suppliers to back up their finished product.
“Brands want provenance farm stories to support their wool sourcing supply chain and marketing, and we’re finding that these brands are looking to companies like ours, who are able to provide solutions and traceability due to our strong export capacity and vast network of Australian woolgrowers,” he said.