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Weekly Market Report

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With Mark Dyson, Managing Director

February 11, 2011

Market dips as Chinese buying eases

A COOLING of Chinese buying resulted in a slight dip in the market this week, with the Eastern Market Indicator closing at 1243 cents per kilogram clean – a 12c/kg drop on last week’s level.

However, this was not before some healthy trading earlier that pushed the indicator to 1262c/kg. In US terms it reached a record high of 1279c/kg before the easing.

The Australian dollar edged down just 1 US cent against the Greenback during the week to 100 US cents.

A total 44,323 bales were put to the trade and achieved a 90 per cent clearance.

There was a large crossbred offering in Melbourne this week that contributed to the more subdued buying.

Most crossbred wools eased slightly, with 28 micron types drifting by 15-20c/kg.

Finer wools were again in strong demand at early auction sales, with 17-18 micron types posting gains of 30-60c/kg before declining a little. Wools of 18-19.5 microns were impacted the most.

Skirtings lost ground this week to the tune of 40-50c/kg, while oddment prices went the other direction, increasing by about 30c/kg.

While Chinese buying waned a little this week, the same could not be said for European buyers, who are still competing strongly in the auction rooms.

Buyers for Taiwan also contributed valuable support.

Next week’s Melbourne sale will be the last superfine sale of the season and so is expected to attract high interest.

The national offering is tipped to nudge $48,000 bales.

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