Weekly Market Wrap

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With Adrian Field, Melbourne
Trading Manager

March 16th, 2007

Upward trend continues

THE eastern market indicator jumped another 19 cents per kilogram this week to close at 962c/kg.

Buyers again leaped off the blocks on day one, but activity weakened a little on day two, with prices easing slightly.

Of the 50,815 bales offered, 9.8 per cent was passed in. This was a surprising result considering the overall lift in prices. A large portion of the wool was suspected to be crossbred fleece, which struggled a little.

Once again, most Merino fleece types enjoyed good rises, especially at the finer end.

Southern region

Merino fleece types climbed 20-40c/kg, with 19.5 micron and finer wools jumping by about 40c/kg.

Merino skirtings also lifted in price, with the finer wools again most sought-after.

Crossbred fleece wools weakened overall. Finer types were solid, but 28.5 micron and broader wools eased 5-10c/kg.

Cardings strengthened by about 10c/kg.

Next week's sales will again be held in Melbourne, Sydney and Fremantle, with Melbourne holding a three-day sale and Fremantle and Sydney selling over two days.

It appears a correction occurred late this week after the earlier price lift, and we could anticipate similar market behaviour continuing. We may see sudden price spikes followed by corrections. Little change is expected next week.

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