Weekly Market Wrap

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With Mark Dyson, Managing Director

May 28, 2010

Currency drives market gains

THE wool market returned to positive territory this week, with the Eastern Market Indicator closing 11 cents per kilogram up on last week at 882c/kg clean.

The Australian dollar dipped earlier in the week before rising to similar levels as last week.

Last Friday, the currency fell to a low 81 US cents and this prompted significant business with China.

The stronger interest continued this week to take advantage of the lower Australian dollar.

The currency reduction of about 10 per cent in recent weeks has certainly stirred importer interest, with the cost of purchasing wool looking more attractive against other natural fibres such as cotton.

However, with instability still prevailing, buyers will continue to be extremely cautious.

Just over 40,000 bales were put under the hammer this week and achieved a 93 per cent clearance.

All micron ranges enjoyed price rises in the vicinity of 10-20c/kg.

Demand for skirtings and crossbreds was similar, and positive gains for oddments too snapped the trend of recent months.

China remained dominant in the buying activity, with India and Europe chiming in to generate more spirited competition in the auction rooms this week.

The national offering next week is expected to come down to just under 35,000 bales.

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