Since 2011, the cotton industry has struggled under high stock levels, initially in China, but now more outside China.
Broader merino wool is often blended with acrylic and some polyester.

Polyester, the big gorilla of fibers, is frightening even cotton. Polyester staple fiber has lifted in price since 2015, but is trading at a relatively modest rank of 41 per cent.

The US price is a little more restrained than the Australian dollar price due to falling exchange rates since 2014. The average merino price has returned to its peak level of 2011. The average merino price is therefore close to the top of its range of the past ten years.

In terms of percentile ranks the merino price is performing better than the major fibers but acrylic and cotton have high percentile ranks as well. Apparel fiber prices have generally lifted from low levels in 2015, rising in varying strength up cycles. The performance of cotton is even more impressive than the merino price given its stock levels.

While the merino wool price ratio to other fibers is extreme, the major fibers have been trending higher in US dollar terms since 2015. Cotton, despite a heavy handicap of high stock levels, is managing to trade at its ten year 77th percentile level.

In terms of percentile rank, acrylic and cotton are not too far behind merino wool prices. The case for wool exceptionalism is not as strong when other fiber prices are considered.