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Weekly Market Report

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With Mark Dyson, Managing Director

July 9, 2010

Changing currency playing with prices

FLUCTUATING currency toyed with the wool market this week.

There was a slight price increase for some types on the first day of sales, with the Australian dollar dipping below last week's level, but then these gains were eroded on the second day as the currency climbed more than 2 cents against the Greenback.

The Eastern Market Indicator finished at 888 cents per kilogram clean, posting a loss of 10c/kg compared with last week.

However, in US terms the market actually gained 9c/kg, with the Australian dollar rising from 84.8 to 87.1 US cents during selling.

A total 51,094 bales were put under the hammer, with 10 per cent of the offering passed-in.

Demand appeared to be slightly down on last week, but the exchange rate was having the major impact on the market.

Broader wools of around 23 microns at the Melbourne sales enjoyed the highest price rises earlier in the week before giving up this gain by the close of sales.

Medium types were most affected by the slight market decline by the end of the week, with crossbred wools and oddments also drifting downward.

Skirtings appeared to be a little up and down this week.

Status quo was maintained in the auction rooms, with China dominating the buying followed by India and Europe.

Next week marks the last sales of the selling season before the winter recess, with the national roster set at 40,600 bales.

Prices are expected to hold steady at their current strength levels.

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