Weekly Market Wrap

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With Mark Dyson, Managing Director

October 30, 2009

Slight correction, but outlook still strong

THE wool market drifted down a little this week after a positive run in the past month and despite the Australian dollar falling, however the outlook remains promising.

The Eastern Market Indicator finished at 857 cents per kilogram clean, dipping 16c/kg compared with last week.

The Australian dollar dropped from 92.5 US cents to a low of 89.8 US cents toward the end of the week.

The larger 51,899-bale offering for the season achieved an 86 per cent clearance.

Importantly, some gains were made in final sales after the correction earlier in the week.

Most wool types were affected, shedding around 30c/kg, although the Merino fleece was hit hardest.

Demand for cardings and skirtings remained solid, with prices almost unchanged.

The slight correction after the price surges in recent weeks was not unexpected and the immediate future continues to look encouraging.

Following the normal buying trend, China was the major power at sales, with good activity from India as well and some support coming from Italy.

A total 49,313 bales is scheduled to go under the hammer next week.

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Chris Vordermaier, Wool Brokering Manager
 
 


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