In the wild scare buying after the Korean war, commodity prices went only one wayup. Retail prices faithfully followed them. By last week, the big scare was over in many a commodity. A prime example was wool, which hit a 30-year peak this year (see chart). This week, when wool auctions opened in Sydney, Australia, wool prices were down as much as 15% from June, and more than 50% under February and March highs.
Retail prices of wool products were already feeling the drop. J. P. Stevens & Co., one of the largest...
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