Weekly Market Wrap
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With Adrian Field, Melbourne
Trading Manager
September 3, 2004
Market continues steady trend
THE eastern market indicator dipped slightly this week to
close at 775 cents per kilogram - a fall of just 3c/kg.
The noticeable change in the market was in the finer sector
of the northern region, but this was mainly due to the fact
that it followed a Newcastle sale, where the wools were superior.
A very low passed-in rate of 11.9 per cent was recorded
this week. The passed-in rate in Sydney was just 9.9pc.
Similar to recent weeks, most of the price falls were in
the medium micron Merino fleece range, whilst crossbred wools
actually strengthened.
Next week's sales will again be held in all three centres,
and offerings will be similar, with an expected 64,000 bales
put under the hammer.
Now that the calendar has turned over to September and most
of Europe is back from holidays, a little more activity can
be expected.
The market is steady at the moment because demand from China
is relatively weak, the Australian dollar is fairly strong,
and the wool volumes being offered are consistently around
the 65,000-bale mark.
If the Australian dollar remains under 70 US cents, the market
could be good next week.
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Trading
Manager Adrian Field
takes a look back - for a better wool
future!
Read more... |
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