Weekly Market Wrap
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With Adrian Field, Melbourne
Trading Manager
January 12, 2007
Price spike kicks-off new year
THE first wool sales of the new year "have gone off with a bang''.
The eastern market indicator jumped 76 cents per kilogram to close at 915c/kg.
Most in the trade were anticipating a good market lift, but not at these levels.
Of the 47,148 bales offered, just 4.2 per cent was passed in - one of the lowest passed-in rates recorded.
Interestingly, a similar trend occurred at the start of 2002, but let's hope it doesn't mirror the crash that followed a few months later.
All wools enjoyed substantial price rises, with 18-22 micron Merino fleece attracting most attention. Some types jumped by 120c/kg in Sydney.
Southern region
Merino fleece types fetched an extra 40-100c/kg, with 18-22 micron wools recording the biggest price increases.
Merino skirtings jumped about 40c/kg overall and crossbred fleece wools bounced back from their poor price levels prior to Christmas. Wools of 28-micron and finer climbed by up to 40c/kg and 30-micron and broader types gained 20c/kg.
Carding wools increased 20c/kg, with all types receiving good rises.
Next week's sales will be held in all three centres, with 67,000 bales on offer.
Similar price rises are not expected next week with the extra wool to be offered, however the market should remain solid.
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