Weekly Market Wrap

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With Mark Dyson, Managing Director

June 25, 2010

Low supply, solid demand aids market

CONTINUING low wool supply underpinned solid auction prices again this week.

The Eastern Market Indicator (EMI) finished at 895 cents per kilogram clean, edging down just 4c/kg compared with last week.

The Australian dollar gained just over 1 cent against the Greenback during the week, rising from 86.1 to 87.4 US cents. In US terms, this put the EMI in positive territory.

A total 25,721 bales were put under the hammer, with just 8 per cent of the offering passed-in.

Medium micron wools were most in favour among the fleece lines.

Competition also remained strong for skirtings, cardings and oddments, continuing a good demand trend this season.

It also was good to see crossbred types firming toward the end of the week.

Supporting the major buying from China, demand was noticeably stronger from other countries this week, especially India and Taiwan.

European buying activity also has increased

Demand for wool is looking a little stronger in various markets, including the US.

Next's week's national auction offering is expected to nudge 30,000 bales, so the trend should continue.

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