as at 6th April 2020
Due to the impact of the Coronavirus (COVID-19) on Australian and World Wool Markets, Moses & Son Management has considered the options open to us to service our clients to the best of our ability whist managing the impact of the heightened market risk.
Therefore it has been decided to install altered temporary trading terms from the 6th April 2020. At this time we are committed to continuing to buy wool at our 6 stores however the following changes will occur:-
- Private Purchase wool will be limited to BC bales (bales made up of several parts) and Butts and Bags equal to or less than 123 kg gross.
- Classed Bales of 124 kg and over will temporarily be sold on behalf of the client via Auction or Interlot.
- Prices offered for purchased wool, will have increased volatility margins to allow for the current situation.
The risk of substantial losses from trading have moved well beyond normal market movements, and we currently see no immediate remedy for this trend in the near future where the world’s retail sales for luxury fibres has virtually stopped.
Due to the uncertainty in the Wool market, which has severely impacted on the price risk of wool, Management would like to apologise for any inconvenience. This decisions has been unavoidable.
We will notify clients when we see a return to some normality for the wool markets.
I stress that this does not affect our normal Auction Selling.
Contact Martin Moses 0417 691 308 if you have any questions or comments relating to anything in this notice.