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Weekly Market Report

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With Mark Dyson, Managing Director

June 8, 2012

Dollar jump pressures prices despite low supply

DESPITE one of the lowest national wool offerings for the past year, contributed by a sale recess in Fremantle this week, prices continued to slip.

Purchasing was pressured by a strong jump in the Australian dollar however. Following news of improved domestic economic conditions, the dollar surged to near parity with the Greenback after hovering at around 96 US cents at the end of last week. It was tracking at 99.5 US cents at the end of sales this week.

Less than 28,000 bales were put under the hammer and the pass-in rate dropped to around 12 per cent.

The Eastern Market Indicator closed 17 cents per kilogram down at 1079c/kg clean, while in US terms, due to the rise in the Australian dollar, it gained 9c/kg to reach 1074c/kg clean.

Finer wool prices were again in the gun, with 17-micron and finer types suffering losses of up to 100c/kg.

Medium to broader wools faired better, but still drifted 10-20c/kg. There is now little difference in price between 19 and 21 micron wools.

Merino skirtings tracked a similar path each sale day, with fine, burry lots receiving the biggest discounts.

Crossbred wools have held their ground in recent weeks and it was the same story this week, with only minor change occurring in the mid-micron range.

Merino oddments also were unchanged this week, although some stains and broader locks fetched a little extra.

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