Weekly Market Wrap

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With Mark Dyson, Managing Director

March 13, 2009

Market joy

THERE was some joy in the wool market this week, with strong demand, good price rises and low pass-in rates.

The market recorded its biggest lift for the year, with the Eastern Market Indicator (EMI) up 17 cents per kilogram for the week to close at 742c/kg clean.

The Australian dollar was nearly one cent up against the US dollar compared with last week, but it was the strong demand from China, including for finer wools, as well as from India and Europe that generated the promising momentum.

It was encouraging to see European buyers were more active again this week.

The short wool supply and the need to fill orders helped drive the market.

Of the 43,619 bales offered, only 7 per cent was passed-in. A total 1331 bales were withdrawn prior to sale and re-offered wool accounted for 12pc of the catalogue.

It was refreshing to see finer wools lead the market charge, with buyers other than from Italy, which has traditionally driven this demand, joining in the fray.

There was a limited volume of superfine and ultrafine types. In Melbourne, some of the finest wool of the season attracted strong prices. One lot measuring 12.7 microns fetched 28,000c/kg greasy.

Average Micron Price Guides (MPGs) were up by 36c/kg clean for 16.5 microns, by 72c/kg for 17 microns, by 58c/kg for 17.5 microns, by 59c/kg for 18 microns, by 33c/kg for 18.5 microns, by 27c/kg for 19 microns and by 20c/kg for 19.5 microns. The 20 micron wool average MPG was up by 9c/kg, 21 and 22 microns by 8c/kg, 23 microns by 9c/kg and 24 microns by 4c/kg.

Merino skirtings performed well too, apart from lots with heavy vegetable matter content.

Crossbred prices continued their upward trend, with increases of 1-8c/kg. Oddments also followed suit and the Merino cardings average MPG added another 6c/kg.

Next week, 45,336 bales are set to go under the hammer.

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Chris Vordermaier, Wool Brokering Manager
 
 


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