Weekly Market Wrap
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With Mark Dyson, Managing Director
November 13, 2009
Raging dollar dampens market
LAST week's improvement in the market was skittled this week by a rampaging Australian dollar.
The dollar surged from near 91 US cents at the end of sales last week to 93c on Thursday and 93.5c toward the end of this week.
It put a little shockwave in the market, with the Eastern Market Indicator (EMI) drifting down 14c per kilogram clean to 853c/kg.
To look at it positively, in US dollar terms the EMI gained 10c/kg and reached another high point for the selling season.
Of the total 46,509-bale offering, just over 14 per cent was passed-in.
Crossbred wools edged back the most, although most types increased in US dollar terms, while it was a similar story with the Merino fleece catalogue, which dipped slightly.
Buyers for China and India were again the most active, with only little demand from Europe.
The outlook for wool prices remains promising, especially with the short supply, however the rise in the Australian dollar did play havoc with the market this week.
A total 49,722 bales is set to go under the hammer nationally next week.
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