NEW ZEALAND Merino says growers who have contracts to sell their wool will have some protection from the current global financial turmoil that has caused a drop in wool prices.
Radio New Zealand reports that NZ Merino commercial manager Keith Ovens says the slump in wool prices, which has hit finewool the hardest, has come after a very strong start to the season, with prices for some average quality wools dropping by up to 30 per cent in the past month.
But he said prices for the better style wools are holding and the businesses of the company's contract partners, Icebreaker, SmartWool and DTI, are all still growing.
