Weekly Market Wrap

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With Mark Dyson, Managing Director

May 14, 2010

Market mood continues

THE mood in the wool market over recent weeks has continued to prevail, with the Eastern Market Indicator dipping just 2 cents per kilogram this week to close at 873c/kg clean.

The Australian dollar traded at around the 90 US cent mark during the week, similar to its level late last week.

Nearly 40,000 bales were put under the hammer nationally, with about 14 per cent of the offering passed-in.

The stronger interest in finer wools continued this week, with some types closing in positive territory.

Merino cardings drifted a little, although demand continues to be solid.

Crossbred wools performed quite well, especially coarser types, while competition for skirtings also improved this week.

Chinese demand tracked similarly with recent weeks, with support from India, Taiwan and Korea as well.

The national offering next week is forecast to jump slightly to 46,411 bales.

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