Weekly Market Report
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With Mark Dyson, Managing Director
April 21, 2011
Easter caution as prices drift
BUYER caution leading into the Easter sales recess, continued weather-affected offerings and a higher exchange rate combined to put the brakes on wool prices this week.
The Eastern Market Indicator dipped 27 cents per kilogram to close at 1325c/kg clean.
With the Australian dollar edging higher against the Greenback again from 105.2 to 105.9 US cents, it put the market in US terms down 19c/kg to 1403c/kg.
Almost 49,000 bales were put to auction, with the decrease in demand causing a higher pass-in rate of 16 per cent.
Finer wools were hit hardest, with 17 micron types down by 66c/kg in Melbourne on Tuesday and by a further 28c/kg on Wednesday. Similarly, wools of 17.5 microns slipped by 55c/kg on the first day of sales and then by 33c/kg on day two.
Broader types were less impacted, with 21 micron wools dipping just 10-15c/kg.
Skirtings lost ground as well, with prices easing by around 20c/kg and the pass-in rate climbing to about 20pc.
Demand for crossbred wools was more subdued too, with prices falling by a similar amount.
Cardings generally lost 20-25c/kg, with locks down 10-15c/kg.
While Chinese buying remained strong, it was more hesitant this week. Europe, India and Taiwan kept up their competition.
Wool sales will kick back in on May 2, with a similar national offering of nearly 49,000 bales to be put under the hammer.
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