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Weekly Market Report

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With Mark Dyson, Managing Director

June 10, 2011

Market bursts through 1400c/kg

THE wool market continued its climb to burst through the 1400 cents per kilogram clean mark this week.

The Eastern Market Indicator gained 22c/kg to finish at 1420c/kg clean. This was the first time it had breached 1400c/kg in its 31-year history.

In US terms, the indicator remained above 1500c/kg at 1502c/kg clean.

The recipe for the high prices has been the strong demand matched with limited supply.

Just 22,821 bales were put under the hammer this week, with the pass-in rate understandably low at 7.6 per cent.

Wool supply is likely to remain low through until spring, which should underpin good competition from buyers to fulfil their requirements.

China is maintaining its dominance in the auction rooms, especially for mid-micron fleeces.

Wools of 21-22 microns were again in the spotlight this week and recorded the strongest price increases.

Demand has been weaker for finer wools, which also has been attributed to a dip in quality with recent offerings.

It’s been a mixed bag for Merino skirtings depending on quality. Better types have received good support and firming prices, while cotted types with higher vegetable matter content have remained sluggish. Pass-in rates have been higher in the skirtings catalogues.

Demand for crossbred wools has remained steady and oddments also have followed the recent improved trend.

Just over 27,000 bales have been rostered for sale nationally next week.

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