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Weekly Market Report

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With Mark Dyson, Managing Director

August 19, 2011

Global economic conditions prompt cautious outlook

THE subdued start to wool sales following the winter recess continued this week.

The Eastern Market Indicator (EMI) drifted a further 39 cents per kilogram to close at 1263c/kg clean.

The Australian dollar gained ground on the Greenback this week after a recent decline in value, limiting the market fall in US dollars compared with last week.

In fact, in this favoured currency for wool buying, the EMI has lost only 3c/kg since sales recommenced.

The currency fluctuations are impacting on the market, contributing to the lacklustre activity.

A total of 46,967 bales were put under the hammer, with the pass-in rate hovering similar to last week at 18 per cent.

Merino fleeces were again most affected by this week’s downturn, with finer types shedding 3-4pc. European holidays and the resultant lack of fine wool buyers could be a factor with these styles.

Crossbred wools fared better, with values down only by around 1pc, while demand for skirtings was a little indifferent this week.

Considering the global economic conditions and downturns in other fibre markets, the outlook remains cautious.

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