Weekly Market Wrap

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With Mark Dyson, Managing Director

February 12, 2010

Market rebounds as Aussie dollar dips

THE wool market rebounded a little this week, assisted by a dip in the Australian dollar earlier in the week.

The Eastern Market Indicator closed the week at 924 cents per kilogram clean for a gain of 8c/kg.

The Australian dollar drifted from around 88 US cents late last week to just under 87 US cents early this week before heading towards 89 US cents.

Nearly 45,000 bales were offered, with just 8 per cent of the catalogue passed-in.

Demand was stronger this week and there is anticipation of an interest rate rise next month.

Prices increased for most wool types. Medium and broader wools received strong attention, with the exception of 24-micron wools.

Demand for skirtings eased a little this week, while oddments performed well and the story for crossbred wools was a "mixed bag".

China, India and Taiwan again accounted for the major buying, however European activity is getting stronger.

The national offering next week is expected to nudge 50,000 bales.

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Chris Vordermaier, Wool Brokering Manager
 
 


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