Weekly Market Wrap

Adrian Field
Mark Dyson
Managing Director
 

With Adrian Field, Melbourne
Assistant Trading Manager

November 7, 2003

Indicator slips below 800c/kg

THE eastern indicator eased another 8 cents per kilogram this week to close at 799c/kg.

The largest falls were recorded on Wednesday, with no change on Thursday.

Wools in the 19.5 micron category and finer were most affected, falling by 20c/kg.

Wool of 30 microns was the only shining light for the week, rising by more than 10c/kg.

Meanwhile, Standard Commercial Corporation America has officially announced that it will be closing its wool division. The company has decided to exit the wool business after suffering substantial losses and to focus on its Tobacco business.

This follows the news early last week that Marubeni will also cease its wool buying operation by the end of the calendar year.

Rumours continue to grow regarding the shortened longevity of other industry participants, with more news likely in the next fortnight.

The Australian dollar continued to climb against the US dollar this week.

It appears that market levels are now almost entirely related to the currency. Therefore, once the dollar starts to settle, so should the market.



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