Weekly Market Wrap

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With Mark Dyson, Managing Director

June 18, 2010

Market caution, currency rise combine to halt wool prices

CONTINUING caution from wool buyers and a rise in the Australian dollar has combined to steady the market this week.

The Eastern Market Indicator closed at 899 cents per kilogram clean, dipping 6c/kg.

Smaller wool offerings have created some concern among buyers over their ability to meet orders, with the trend unlikely to change in coming weeks.

Just over 26,000 bales has been rostered for sale next week, with two-day sales in Melbourne and Sydney, while Fremantle is once again holding a one-week recess.

The currency movement certainly contributed to the easing market this week, with the Australian dollar climbing from 83.8 to 86.5 US cents before settling to just over 86 US cents at the close of sales. In US terms, this actually put the market up 16c/kg.

A total 31,743 bales went under the hammer this week.

Despite the price falls, the clearance rate was still reasonably good at 87 per cent.

Most wools experienced the dip this week, although medium and broader types of 24-26 microns were less impacted, with some even recording small price gains.

Finer wools of 16.5-17.5 microns took the brunt of the market decline, which also may have been due to their short supply.

There was good activity for finer crossbred wools, however oddments took a hit at Melbourne sales toward the end of the week.

Overall, price falls in Melbourne over the two selling days amounted to 5-10c/kg.

Buying activity followed the usual trend, with China the big player in the market, followed by Taiwan, India and Europe.

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