Weekly Market Wrap
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With Mark Dyson, Managing Director
January 15, 2010
Good price gains, but cautious outlook
WOOL sales kicked-off the new year on a positive note this week with good price rises, however there is also cause for cautious optimism on further significant increases over coming months.
The Eastern Market Indicator jumped 47 cents per kilogram clean from the level at the close of sales before Christmas to finish at 926c/kg.
The Australian dollar added nearly 1 US cent during sales to reach 93 US cents, putting the market gain in US terms at 71c/kg.
Wool futures, however, eased recently on the back of rises in the Australian dollar and have dipped a little out to three months ahead.
The trend with futures recently has been a strong rally up to a level and then an easing, suggesting there are concerns over wool demand.
The low wool supply is certainly influencing the market, but it seems demand is also an issue, especially with the large supply of tops in the pipeline.
Sales were encouraging this week though, with the offering of just over 46,000 bales achieving a 96 per cent clearance.
Most wool types recorded healthy gains, with medium micron wools attracting most of the attention. Wools of 21 microns increased by 66c/kg.
Crossbred wools and oddments enjoyed good price rises as well.
The buying trend was unchanged, with China dominating, India chiming in and Europe showing little support.
The national offering next week is set to jump to more than 53,000 bales, with more stored and prematurely shorn wool expected to hit the market.
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