Weekly Market Wrap

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With Mark Dyson, Managing Director

August 14, 2009

Wool prices jump

THE low wool stocks and possible anticipation by buyers of higher prices ahead has combined to boost the wool market this week.

The Eastern Market Indicator (EMI) closed the week at 803 cents per kilogram clean - a good jump of 29c/kg compared with last week.

The Australian dollar dipped from 84.2 US cents last week to 83.5 US cents by the end of sales this week, which also helped to support the market rise.

A total 35,921 bales were put under the hammer this week, with just 5 per cent of the catalogue passed-in.

Most wool types enjoyed significant price gains, especially those in the 19-24 micron bracket, but with the finer types also faring well.

Skirtings and crossbred wools received strong competition too.

China showed its massive strength in the market this week, dominating sales, while India continued to show strong support.

European buyers have remained very quiet, with the summer holiday period possibly having an impact on this business.

Demand is expected to continue to grow in coming weeks.

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Chris Vordermaier, Wool Brokering Manager
 
 


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