By Andrew Woods | Source: AWEX, ICS
The Merino greasy wool market has had a great run since 2015, aided by a step down in the exchange rate in 2014. With prices for apparel fibres generally struggling and slower economic growth expected in the major markets, the probability for an end to the rising price cycle of the past four years appears high which implies a subsequent down cycle. This article takes a look at down cycles in the 21 MPG during the past 25 years.
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