Wool auction price highest for 20 years
He was speaking after the latest electronic auction this week where an average price of 157.05p per kg was realised with a clearance at 99 per cent on 1.66 million kgs of wool.
Langrish said: "The auction system shows its true worth in a thriving market because the best price is always achieved in a competitive environment."
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Hide AdThere have been a number of reasons which have contributed to the sudden change in wool's fortunes. Sheep numbers across the world have reduced significantly - by 40 per cent in the UK since 2000 - and so there is a much reduced level of wool available to the textile industry.