Weekly Market Report
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With Mark Dyson, Managing Director
November 26, 2010
Global uncertainty adds to market correction
ANTICIPATION of a wool market correction following the recent surge in prices, combined with the conflict in South Korea this week, which has heightened global uncertainty, has amounted to reduced demand for wool.
The Eastern Market Indicator drifted 20 cents per kilogram to settle at 1011c/kg clean.
This was despite the Australian dollar easing slightly from 98.5 to 97.8 US cents this week.
A total 53,932 bales were put under the hammer, with the pass-in rate understandably increasing to 13 per cent.
Prices certainly edged downwards, but they continue to remain very strong and have increased significantly since the start of the wool selling season. Wools of 17-17.5 micron are up 40 per cent over this period.
Prices for 21-23 micron wools were less affected this week, shedding just 2-3pc.
Support for crossbred wools was especially strong in Melbourne, resulting in a slight firming in prices
Skirting prices took a dive this week after their bull run at recent sales, where they nudged close to fleece prices.
Chinese buyers were again the most active, with European buyers having a strong focus on the Newcastle sale.
Next week’s national wool sale roster has been set at 62,645 bales, however withdrawals are expected similar to this week.
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