Weekly Market Wrap
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With Mark Dyson, Managing Director
October 9, 2009
Rising dollar dampens market
THE wool market buckled slightly this week under the pressure of a strongly appreciating Australia dollar, with the Eastern Market Indicator (EMI) edging back 28 cents per kilogram clean to close at 848c/kg.
However, in US terms, the market drifted only 7c/kg, with the Australian dollar surging another 2c against the Greenback.
The Australian dollar reached its highest level in 14 months this week to hit 90 US cents. It initially dropped to below 88 US cents before climbing through to the end of sales, encouraged by the interest rate rise announced by the Reserve Bank of Australia.
It meant the market lost the strong gains made last week.
In-line with these market conditions, the pass-in rate jumped to 12 per cent of the 47,995 bale offering.
Finer fleece wools were mostly in the firing line, recording falls of 30-50c/kg.
However, skirtings and oddments managed to hold-up pretty well.
The recent buying trend followed suit with China the big leader, albeit a little more subdued due to the rising Australian dollar.
The market next week is hard to predict, although the exchange rate is expected to soften a little.
The limited supply scenario should continue to weigh heavily on buying activity.
A total 47,694 bales are scheduled to go under the hammer next week.
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