Weekly Market Wrap

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With Mark Dyson, Managing Director

September 25, 2009

Chinese dominance driving market

THE wool market enjoyed another very good week, underpinned by strong buying from China.

The Eastern Market Indicator finished the week at 846 cents per kilogram clean, a rise of another 7c/kg.

It was no surprise that a very high clearance rate of 94 per cent was achieved from the 44,694 bales put under the hammer.

The market is now at its highest point since last October.

The Australian Dollar hovered at the 87-87.5 US cent mark during the week.

Wools of 19.5 micron and coarser led the way, attracting healthy competition.

Prices for finer types slipped a little, which is primarily due to the subdued interest from European buyers.

Oddments were on fire again this week, continuing the trend of sharp increases this selling season.

China's dominance and the low wool supply situation continue to be the major fundamentals in the market.

Not much is expected to change in the short-term, although the strong Chinese interest could soften a little as stocks start to build in the country.

New export data set to be released next week is expected to reveal that China is now accounting for about 80 per cent of Australia's wool exports.

The national wool offering next week is set to be one of the biggest of the selling season again, nudging the 48,000-bale mark.

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Chris Vordermaier, Wool Brokering Manager
 
 


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