Weekly Market Wrap
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With Mark Dyson, Managing Director
October 16, 2009
Market holds ground despite strong dollar
AFTER a cautious start to the selling week, the wool market finished strongly toward the end of the week to help maintain current price levels.
The Eastern Market Indicator remained at 848 cents per kilogram clean at the close of sales this week.
This was also despite the continuing strength of the Australian dollar, which climbed from 91.3 US cents last week to a high 92.1 US cents this week. In US dollars, the market gained 16c/kg.
A total 45,455 bales were put to auction this week, with about 11 per cent of the offering passed-in.
Finer wools increased in price a little, while some medium and broader types drifted slightly.
Skirtings held their ground by the end of the week, with strong competition at final sales, while crossbred wools followed a similar trend.
The positive market vibe toward the end of the week was encouraging, with healthy buying activity.
Chinese buyers were more aggressive again this week, with good support also from India and European buyers.
A total 48,244 bales are set to go under the hammer next week.
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