Weekly Market Wrap

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With Mark Dyson, Managing Director

June 4, 2010

Small offerings assist price gains

SMALLER wool offerings are helping to keep prices heading in the right direction for growers.

Just 34,299 bales were put under the hammer this week and only 27,930 bales are rostered for sale next week, with Fremantle holding a one-week recess.

With demand solid as a result, only 8 per cent of the offering was passed in this week.

The Eastern Market Indicator finished at 889 cents per kilogram clean, posting a 7c/kg gain.

With the Australian dollar edging higher toward the end of the week, it made the increase even higher in US dollar and Euro terms.

The Australian dollar nudged 85 US cents on Friday from about 83 US cents at the same time last week. This put the indicator rise in US dollars at 21c/kg.

The Australian dollar also gained 1 cent against the Euro, equating to a 15c/kg lift in the market in Euro terms.

Most wool types recorded increases, although 23-25 micron wools held firm.

Oddments enjoyed a good price leap this week, with strong interest for skirtings and crossbred wools too.

Growing activity from European buyers has been especially encouraging for the market.

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