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Weekly Market Report

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With Mark Dyson, Managing Director

February 18, 2011

Market strength returns

THE wool market returned to near record levels this week, with the Eastern Market Indicator rising a further 11 cents per kilogram clean to reach 1254c/kg.

The Australian dollar remained settled against the Greenback at 100 US cents.

A total 46,622 bales were put under the hammer, with just 6 per cent of the catalogue passed-in.

Chinese buyers were back in force after being a little subdued in recent times.

This didn’t frighten European buyers though, as they continued to feast on the finer wools and push prices higher, while India and Taiwan offered healthy support as well.

European buyers have shown strong demand for fine wools, however this week buyers for Italy were particularly active in medium types of 19.5-21.5 microns.

Superfine wools at the Launceston sale in Melbourne led the charge this week, with 15-18 micron fleece wools fetching an extra 50-100c/kg.

Fleece wools of 16.5 microns gained another 60c/kg, while 20-22 micron types also were back in favour with buyers, increasing by around 30c/kg.

The solid trend continued for skirtings and oddments too and 25-30 micron crossbreds enjoyed another 20c/kg rise. Coarser types gained 15-20c/kg.

The national offering next week is scheduled to pass 51,000 bales.

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