Weekly Market Wrap

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With Mark Dyson, Managing Director

August 13, 2010

Steady outlook for wool prices

A DROP in the Australian dollar before the second day of wool sales allowed prices to retain their levels at the end of the first week of the new selling season.

The Australian dollar surged to 90.6 US cents on Wednesday before drifting back to 89.5 US cents on Thursday.

The Eastern Market Indicator finished the week at 873 cents per kilogram clean, down just 3c/kg when compared to the last sale held on July 14 before the winter recess. In US dollars, the market was up 9c/kg.

If the currency maintains its level, prices are expected to track steadily in coming weeks.

A total 47,187 bales were put under the hammer this week, with about 13 per cent of the offering passed-in.

Prices fell on the first day of sales as the Australian dollar rallied, before regaining the lost ground by the close of sales due to decline in the dollar from Wednesday night.

Finer wools attracted slightly more competition than medium and broader types.

Prices for crossbred wools and oddments eased a little compared with the last sales in July, however they are still performing well.

Competition was generally spirited and China led the buying activity as per the normal trend. Europe, Taiwan and India contributed healthy support.

With limited wool offerings and solid demand from China, it appears wool supply and demand is in balance.

A total 37,943 bales is rostered for auction nationally next week.

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