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Weekly Market ReportFor the latest edition, please refresh this page With Mark Dyson, Managing Director
November 25, 2011 Firmer finish to sales encouraging
THE market pendulum fortunately swung the other way later this week to finish in positive territory after a sluggish start to sales.
The Eastern Market Indicator climbed 18 cents per kilogram on Thursday to settle 2c/kg above last week at 1191c/kg clean.
However, it was a different story in US terms due to the slide in the Australian dollar recently. The market closed 41c/kg US lower at 1162c/kg.
A dip in the market following a fall in the currency often occurs and overseas customers generally will wait for some stability in the exchange rate before re-entering the fray with any confidence.
At the Newcastle sale this week there was again good competition for the specialty types from Italian interests, helping to maintain previous price levels.
On Thursday, the average type fine wools made strong gains in-line with the trend for medium wools at all centres.
However, most types finished just below the opening levels, with significant disparity between the Newcastle and Melbourne markets. This is due to the style of the offering, with some balancing of these markets expected next week.
The medium types led the rally on the final selling day in Melbourne, with 21 micron wools fetching an extra 30-40c/kg. Other wools in the 20-23 micron range gained 15-35c/kg.
It was a mixed bag for Merino skirtings, with prices generally tracking the fleece types – down initially and then up toward the end of the week to finish on a strong note.
Most oddments firmed, finishing around 10c/kg dearer, while crossbreds were similar on the back of limited supply.
The high pass-in rate in recent weeks has contributed to a larger 46,720-bale offering scheduled for next week.
With the Christmas selling break looming, the trade is anticipating a firm tone for the market as long as the currency remains relatively stable.
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