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Weekly Market ReportFor the latest edition, please refresh this page With Mark Dyson, Managing Director
October 14, 2011 Wool prices hovering as confidence remains subdued
THE wool market largely maintained its price levels this week as a cautious sentiment continues to prevail within the trade.
This was at least encouraging considering the external pressures of a firming currency, continued global unrest and hints of a tougher business environment ahead in China that have combined to restrict industry confidence.
The Eastern Market Indicator initially gained 2 cents per kilogram at early sales before slipping by 6c/kg to close at 1160c/kg clean on Thursday.
It was a different story in US terms due to the rise in the Australian dollar, with the market jumping 61c/kg to hit 1183c/kg US.
Wools in the 19-21 micron range, especially those with lower vegetable matter (VM) content, enjoyed the highest competition and traded slightly firmer over the week.
Higher VM types of 22-23 microns lost some ground, particularly on Thursday, dipping 15-25c/kg.
Finer wools in the northern market eased earlier before climbing back to maintain their price levels, with the exception of those in the 18-18.5 micron range, which drifted by about 20c/kg. The firming trend for finer wools at later sales can hopefully augur well for the second Newcastle sale of the season next week.
With most wools, exporters appear focused on the measurements of the lot rather than the style to ensure their selections suit customer specifications under any market conditions.
Low VM Merino skirtings and cardings are highly sought-after, whilst higher VM types are trading easier across all centres.
Crossbred wool prices have edged slightly lower, however the market for these types is proving less volatile than at the finer end.
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