Weekly Market Wrap

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With Mark Dyson, Managing Director

September 11, 2009

Market strong despite climbing Aussie dollar

THE wool market has shown strength and held firm this week despite the climbing Australian dollar.

The dollar leapt from 83.5 US cents last week to 86 US cents this week.

The Eastern Market Indicator finished the week at 813 cents per kilogram, edging down just 2c/kg.

In US dollars, considering the raging Australian dollar, the market jumped 18c/kg.

The weakened US dollar and strengthening Australian dollar has put the currency in the 80 US cent mark and it is likely to remain here in the short term.

A total 44,361 bales were put under the hammer this week, with 17 per cent of the catalogue passed-in. The pass-in rate nudged 30pc on Tuesday in Melbourne.

Finer wools were hit a little harder this week, whereas demand for cardings was strong.

The Chinese and Indian-dominated buying trend continued, with European buyers very quiet - hence the subdued support for finer types.

A total 44,036 bales have been rostered for sale next week over two days.

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Chris Vordermaier, Wool Brokering Manager
 
 


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