Weekly Market Wrap

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With Adrian Field, Melbourne
Trading Manager

August 12, 2005

Market struggles at opening sales

THE first week back at sales in Melbourne after the annual recess finished with the eastern market indicator easing 11 cents per kilogram to close at 706c/kg.

The main reason for the fall was a large offering combined with a strong Australian dollar.

The passed in rate was 15.3 per cent, which was not significant considering the weak market.

Most Merino fleece types fell 10-20c/kg, Merino skirtings also eased slightly and crossbred wools were 5-10c/kg lower.

Cardings weakened slightly overall, with certain types more affected than others.

Australian Wool Handlers affiliated brokers, Elders, Landmark and Arcadian sold wool for the first time in their new facilities at Fredrick St, Brooklyn this week.

There has been some opposition to the move among buyers/exporters and other brokers and this was evident at the actual sale.

There was no doubt some inconvenience for most of the buying/exporting houses, particularly for those who hold offices in the building where all auctions used to be held, at 691 Geelong Rd.

Next week's sales will be held in Melbourne, Sydney and Fremantle, with a total offering of 54,474 bales rostered.

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