Weekly Market Wrap

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With Mark Dyson, Managing Director

March 26, 2010

Stable market creates excitement before Easter

THE wool market continues to hover at current levels, with the Eastern Market Indicator just slightly down at 922 cents per kilogram clean this week — a fall of 6c/kg.

The Aussie dollar drifted against the Greenback from 92.3 US cents late last week to 91.1 US cents at the same time this week.

A total 42,883 bales were put under the hammer, with 11 per cent of the offering passed-in.

Prices have remained at their steady level since January, with all types performing well, and there is some excitement leading into the Easter sales recess.

Finer wools of 19 and 19.5 micron attracted strong attention this week and oddments continued to "steal the show". The Merino Carding Index is up 33pc since the first sale of the season.

Skirtings and crossbred wool also followed recent trends.

Growing European demand continues to support the powerhouse buying from China.

The increase in confidence from Europe is healthy for the market. Export figures show Europe is now accounting for an extra 2pc of Australian wool since January.

The industry is looking forward to spirited competition in the auction room next week before the Easter break.

The national offering is expected to nudge 50,000 bales.

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Chris Vordermaier, Wool Brokering Manager
 
 


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