Weekly Market Wrap

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With Mark Dyson, Managing Director

September 26, 2008

Market falters under high dollar, economic uncertainty

LAST week it appeared the wool market would escape the current economic uncertainty across all economies. Unfortunately, this week the market suffered in all regions, which now seems due to both the rising Australian dollar and the economic uncertainty.

From the last sales last Thursday until the market opened on Tuesday, the Australian dollar increased from 79.76 cents US to the mid-84 cents US.

It has been nearly a decade since the mood in the sale room on Tuesday has been experienced, with only one or two companies bidding on the majority of the selection.

The national pass-in rate was just under 22 per cent, which equated to nearly 46,000 bales sold of the 58,800 offered.

The Northern market escaped the severity of the fall in the 18.5 micron and finer types.

All regions experienced falls of 40-55 cents per kilogram in the 19-24 micron types.

Merino skirtings lost 20-30c/kg and crossbred fleece types lost 20-25/kg.

If there was any positive for the week, all types remained reasonably firm on Thursday.

The Eastern Market Indicator shed 37c/kg for the week and closed at 859c/kg.

Next week is a smaller national offering of close to 48,000 bales.

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Mark Dyson, Managing Director
 
 


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