Weekly Market Wrap
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With Adrian Field, Melbourne
Trading Manager
May 18th, 2007
Prices continue to climb
WOOL industry members are now wondering how much further prices can go after yet another week of rises.
The eastern market indicator jumped another 18 cents per kilogram this week to close at 980c/kg.
Once again, all types recorded significant rises, with the exception of broader crossbred wools, which remained firm.
Of the 52,262 bales offered, only 4.2 per cent was passed in.
The warning bells were there months ago regarding the shortage of wool and we are now experiencing market behaviour that's a direct result of this shortage.
There is also the fact that demand for woollen clothing is on the increase.
Southern region
Merino fleece types were again 15-35c/kg higher, but it was the finer types that were most sought-after, especially 17.5-micron wools.
Merino skirtings gained a further 20c/kg overall, and again it was the finer wools that were in demand.
Crossbred fleece wools improved in all categories apart from 31 and 32-micron types, while cardings were about 5c/kg higher.
A total 48,858 bales have been rostered for sale for next week.
It appears the upward trend is becoming commonplace each week, but there will likely come a time when overseas mills will refuse to pay such prices.
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