Weekly Market Wrap
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With Mark Dyson, Managing Director
February 5, 2010
Market 'up and down'
IT was a little "up and down" at wool auctions this week. Prices improved a little towards the end of the week before dipping at final sales.
The Eastern Market Indicator closed the week at 916 cents per kilogram clean, easing 4c/kg compared with last week.
This was also despite a drop in the Australian dollar from around 90 US cents last week to near 88 US cents at the same time this week.
The decision to hold interest rates this week was considered to be the likely reason for the fall in the Australian dollar.
While wool prices drifted a little, a 90 per cent clearance of the near 49,000-bale offering was achieved.
Finer wools were impacted most by the softening market. There are good volumes of these types, particularly in the 17-19 micron range, coming onto the market and this is influencing demand.
Fleece wools were in the firing line, although medium and broader types were less affected.
As has been the trend, skirtings managed to hold-up well and oddments were strongly demanded.
Buying activity was also unchanged, with China leading the way, good support from India and Taiwan and Europe making a stronger presence too.
A similar offering of near 49,000 bales is expected to be put under the hammer next week, with a one-day superfine sale also being held in Launceston.
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