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Weekly Market Report

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With Mark Dyson, Managing Director

May 13, 2011

Lower supply helps market regain ground

A DROP in the wool offering – and lower supply ahead – helped the market to claw back 17 cents per kilogram this week, with the Eastern Market Indicator closing at 1323c/kg clean.

Numerous growers have held their shearing earlier this year to take advantage of the strong prices, which will further restrict supply in the short-term.

The auction offering dipped to 38,606 bales this week, with about 11 per cent passed-in.

Significant weather-affected wool and increased vegetable matter has caused some discounting at recent sales, however, demand has remained solid as a result of the tightening supply.

Better style wools have consequently captured most of the attention, with 20-21 micron fleeces performing very well this week.

Support was similarly strong for higher quality Merino skirtings and crossbred wools, with the latter helped by falling volumes as well.

Oddment prices went against this trend and dipped a little this week.

The most support to China as the dominant buyer is now coming from India. Taiwan and Korea also are showing a bit of a flurry, while European buyers have become more subdued.

Next week’s national offering has been forecast at around the 40,000-bale mark.

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