Both favourable and adverse reaction to international agreements involving Australia last week saw the local wool market take a bet each way on where trade tensions with China will go.
On the first trading day at the Western Wool Centre (WWC) last week – the same day China indicated displeasure at Australia and Japan signalling greater military co-operation under a landmark reciprocal access agreement to counter rising Chinese aggression in the South China Sea – prices dropped across the board.
The second trading day – after further details of the world’s largest free trade agreement, the Regional Comprehensive Economic Partnership (RCEP) signed by Australia, China, Japan, South Korea, New Zealand and the 10 Association of South East Asian Nations trickled through – prices clawed back a portion of the previous day’s losses. Read More.
