Weekly Market Wrap

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With Mark Dyson, Managing Director

July 16, 2010

Wool market drifts leading into recess

THE wool market edged down again this week before the winter sales recess, with the Eastern Market Indicator drifting 12 cents per kilogram to finish at 876c/kg clean.

The Australian dollar hovered at its level during early sales before gaining more than one cent against the Greenback to hit 88.2 US cents toward the end of the week.

A total 39,700 bales were put under the hammer, with 16 per cent of the offering passed-in

Prices dipped for all wools this week, with finer types impacted most by the decline.

Oddments attracted good support at early sales before slipping toward the end of the week.

In the southern region, competition was solid for better style skirtings, helping maintain their price levels.

Wool auctions for the 2010-11 season will resume in the week commencing August 9.

Meanwhile, latest export figures from AWEX for the July 2009 to May 2010 period show China, India, Italy and the Czechoslovakia Republic to be the top countries buying Australian wool.

China, of course, accounted for the lion's share at 75.3 per cent. Exports to India amounted to 8pc, with the other top buyers accounting for around 3pc.

Exports to Italy declined by more than 50pc compared with the previous period.

The largest increase in Australian wool exports was to India, just shadowing China and Taiwan.

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