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Weekly Market Report

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With Mark Dyson, Managing Director

September 2, 2011

Prices hold firm despite pressures

THE wool market stood firm again this week despite the uncertain global economic outlook, rise in the Australian dollar and sizeable offering.

The Eastern Market Indicator closed at 1270 cents per kilogram clean, gaining 6c/kg on last week.

With the Australian dollar rising against the Greenback up to $1.07 US cents, the market jumped in US terms to 1358c/kg.

A total of 42,310 bales were put under the hammer, with the pass-in rate settling at 10 per cent.

Wool from Tasmania and western Victoria lifted the quality available at Melbourne sales this week.

Competition remained strong, although buying activity was not as widespread as at previous sales.

Finer Merino fleeces and better quality skirtings were well targeted, however the shine came off crossbred types this week, with prices drifting.

European buyers are now returning to the scene and hopefully this can further underpin the market.

Next week’s national catalogue is expected to nudge 39,000 bales.

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