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Weekly Market Report

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With Mark Dyson, Managing Director

June 22, 2012

Market recovers on small offering

IT was better news for the wool market this week, partly due to one of the smallest offerings for some time.

Just 21,569 bales were put under the hammer, down more than 11,000 bales compared with last week.

The Eastern Market Indicator closed at 1069 cents per kilogram clean, representing a 15c/kg rise.

Despite the Australian Dollar increasing by 2 cents against the Greenback, spurred by an improved Greek economic outlook, it put the market up 36c/kg in US terms.

The turnaround understandably reduced the pass-in rate, down 10.7 per cent to 6.1pc.

After taking a hit in recent weeks, finer wools fortunately rebounded, with 19.5 micron and finer types fetching an extra 25-30c/kg.

Medium to broader wools also received more spirited competition to post 5-10c/kg gains.

The positive trend in Merino skirtings continued as well, with better style and length lots jumping 15-20c/kg.

Whilst low vegetable matter wools were in hot demand, most other types still gained ground.

Crossbred wools finished firm too, while the supply of oddments was very limited and prices were largely unchanged.

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