Weekly Market Wrap

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With Mark Dyson, Managing Director

May 21, 2010

Dented global confidence affecting wool market

DIPPING global confidence caused by the economic concerns in Greece and wider European region has taken its toll on the wool market.

Buying has remained cautious, resulting in a further 2 cent per kilogram drop in the Eastern Market Indicator this week to 871c/kg clean - and despite a significant fall in the Australian dollar against the Greenback.

The Australian dollar drifted from 90 US cents late last week to 83.8 US cents at the same time this week.

In US dollar terms, this equated to a 56c/kg fall in the indicator.

The Australian dollar also lost ground against the Euro, moving from 71.1 cents to 67.9 cents over the same period. In Euros, this meant the market was down 29c/kg.

The falling Australian dollar against the Greenback is enticing new enquiry in the market, but until there is some stability in the currency, caution will remain.

A total 45,159 bales were put under the hammer this week, with around 12 per cent of the offering passed-in.

Some finer wools continued to attract spirited competition, however demand was subdued for low yielding, high vegetable matter content wools.

Skirtings and crossbreds also continued to perform well, but oddments followed their recent weaker trend.

China, India, Korea, Europe and Taiwan were the major buying countries in the market.

The national offering for next week has been set at 41,065 bales.

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