Weekly Market Wrap

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With Mark Dyson, Managing Director

October 2, 2009

Prices jump 30-50c/kg in strong market

THE wool market continued its strong momentum this week, with the Eastern Market Indicator jumping to a high 876 cents per kilogram clean at the finish of sales.

This was also despite a slight rise in the Australian dollar to 88.14 US cents from its level of 87-87.5 US cents last week.

Prices for most categories climbed 30-50c/kg, with the market trend now looking very positive for the short to medium term.

The low wool supply is the leading factor in the market equation, which should mean that medium types will out-perform finer wools. This may change as economic confidence returns and European buyers strengthen their position in the market.

The encouraging outlook does not necessarily mean the market won't pull-up, however, at various points.

Of the total 48,151 bales offered this week, 12 per cent was passed-in.

Next week, 49,610 bales are rostered to go under the hammer.

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Chris Vordermaier, Wool Brokering Manager
 
 


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