Weekly Market Wrap

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With Mark Dyson, Managing Director

December 18, 2009

Christmas cheer for wool market

THE Christmas pudding will taste a little sweeter for woolgrowers this year after the market finished on a promising note this week ahead of the festive sales recess.

The Eastern Market Indicator climbed to 879 cents per kilogram clean, about 15 per cent higher than where it started in 2009.

This week's sales fetched some of the highest prices in 15 months.

The pass-in rate was low at around 7pc of the 44,218-bale offering, as buyers got into the festive spirit.

The Australian Dollar also shifted downward slightly from 91.4 to 89.8 US cents.

Most wool types enjoyed gains of 5-10c/kg, with excellent competition on the final day of sales creating a buoyant mood for opening sales in 2010.

There was solid demand for fleece types in the Southern Region and skirtings also maintained their good run from recent weeks.

Crossbred wools experienced some joy too, increasing by 10-15c/kg.

Buyers for India continued to show their strong support this week, backing up the major powerhouse for Australian wool, China. With the trade now unable to secure auction supplies until mid-January, competition was spirited.

In the new year, sales will recommence at the major centres in the week of January 11.

Meanwhile, the Australian Wool Production Forecasting Committee claimed this week that the decline in wool production appeared to be steadying. Forecasts have not been revised downwards and there are signs that sheep numbers are stabilising across Australia.

The Managing Director of Quality Wool, Mark Dyson, and our full wool marketing team would like to take this opportunity to wish all our clients and growers a merry Christmas and happy and safe New Year.

We thank you for your continued support and we look forward to assisting your businesses in 2010.

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Chris Vordermaier, Wool Brokering Manager
 
 


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