Weekly Market Wrap

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With Mark Dyson, Managing Director

May 7, 2010

Market caution continues

THE more cautious attitude to buying continued in the wool market this week, with prices holding their levels.

The Eastern Market Indicator closed the week at 875 cents per kilogram clean, down just 1c/kg.

The market was actually down 18c/kg in US terms, with the Australian dollar slipping by about 2 US cents against the Greenback. This was due to the official rise in interest rates announced by the Reserve Bank of Australia.

A total 42,676 bales were put under the hammer, with about 12 per cent of the offering passed-in.

In the southern region, finer wools attracted increased attention toward the end of the week. Wools of 17.5-18 microns were most in favour and fetched up to an extra 20c/kg.

It was largely a "mixed bag" for most other types, with oddments still a little weak.

Buyers for China continued to show some hesitation this week, maintaining the market around its current level.

Just over 40,000 bales nationally have been rostered for sale next week.

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