Weekly Market Wrap

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With Mark Dyson, Managing Director

June 12, 2009

Market factors combine to assist price recovery

COMPETITION returned to the wool market this week - thankfully, after two weeks of sliding values.

The Eastern Market Indicator (EMI) clawed back 18 cents per kilogram clean from previous sales to hit 771c/kg clean.

A number of factors can be seen to have combined, fortunately, to deliver some important confidence this week.

The Australian Dollar steadied at its level of around 80 US cents for the week, the wool offering ahead next week is set to contract sharply again and South African wool sales have finished for the season, putting the focus on Australian Merino wool.

The 31,324 bales offered this week achieved an 88 per cent clearance.

All micron ranges recorded good price lifts, with finer wools returning to the fore in front of the medium and lower micron wools.

Crossbred wools came back in for some good attention this week, with solid interest for skirtings as well and oddments in positive territory too.

Chinese buyers typically led the way, with India also showing good strength and Europe still quiet,

Just 19,819 bales are set to be auctioned next week. A rare one-day sale will be held in Melbourne, with sales over two days in Sydney. No sales will be held in Fremantle.

The close of the South African selling season could augur well for Australian wool sales for the remainder of the season.

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Chris Vordermaier, Wool Brokering Manager
 
 


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