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Weekly Market Report

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With Mark Dyson, Managing Director

January 28, 2011

Positive market continues as floods affect offerings

THE wool market continued in a similar vein this week, with the Eastern Market Indicator increasing by 4 cents per kilogram clean while the Australian dollar hovered at its current level.

The dollar steadied at 99.6 US cents, with the indicator rising to 1195c/kg clean – its highest level since the 2002-03 selling season.

Just one bale short of 54,000 was put to the trade, with about 7 per cent of the offering passed-in.

After a slight easing in the market at the close of sales last week, demand was strong at the early stages this week.

The attraction for finer wools continued and there was particularly spirited competition for skirtings in Melbourne. Prices for finer skirtings up to 17.5 microns jumped 20-30c/kg.

Crossbred wools performed well too, with 26 micron types climbing by around 15c/kg.

Chinese buyers maintained their stranglehold on the market, with buyers for Europe, Taiwan and India also chiming in well.

The national offering next week is forecast to dip a little to around 45,000 bales.

Smaller sales are expected in coming weeks due to the impact of the Queensland and Victorian floods on shearing and wool transportation.

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