NFX aims to start New Zealand’s online wool trading platform
Category: #retail  By Ojaswita Kutepatil  Date: 2018-05-11
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NFX aims to start New Zealand’s online wool trading platform

A recent scoop that made it to the headlines in the retail industry is that of the launch of a new online platform for buying & selling wool. Reportedly, the global trading platform for New Zealand wool and other natural fibers, that aims to work similar to the GlobalDairyTrade (GDT) market, is expected to go live later this month.

Sources affirmed that the Natural Fibre Exchange (NFX), which is owned by Wools of New Zealand (WNZ), Progressive Leathers Export, and Alliance Group NZ and managed by online trading company CRA International, will be an online means of selling and buying heavier wool – specifically the one that is used for upholstery & carpets.

Reports reveal that the new online market will run with bi-weekly trading events just like the GDT, which is also incidentally managed by CRA.

Industry experts deem that the online platform is a natural evolution toward developing an efficient platform to sell considerable volumes of wool. They further cite that the online trading platform will enable buyers to compare all prices in real time with parcels of wool available side by side over multiple rounds of bidding.  

Rosstan Mazey, the chief executive of the Wools of New Zealand, was reported saying that online trading is playing an increasingly important role in global commodity markets. He further added that the company hoped to trade more than one third of New Zealand’s crossbred clip in 3 to 5 years’ time span. So far, the company has a commitment of 6.5 million kilograms for the first year, out of the overall 150 million kilograms that is produced by farmers every year.

Initially the platform will secure support for greasy wool and will eventually include all wool types & natural fibers such as cotton, silk jute, and leather, cite sources familiar with the matter.



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Ojaswita Kutepatil

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Ojaswita Kutepatil

Ojaswita Kutepatil, a mechanical engineer by qualification, presently develops content for Market Size Forecasters, Algosonline, and other similar platforms. Having had a prior experience in Business Development and Technical Engineering, she now pens down articles pe...

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