Weekly Market Wrap
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With Mark Dyson, Managing Director
January 22, 2010
Prices gain before market softens
THE wool market continued its momentum over the first two selling days this week before softening on the third day of sales.
With the biggest offering for the season put under the hammer, the Eastern Market Indicator added another 16 cents per kilogram clean to close at 942c/kg.
Only about 5 per cent of the total catalogue was passed-in.
The Australian dollar drifted down against the Greenback over the week, from around 93 US cents late last week to 91.3 US cents at the same time this week, equating to a slight fall in the market of 1c/kg in US terms.
Major buyers showed spirited competition earlier in the week before becoming more subdued on the final selling day.
Fleece wools, in particular, softened a little after the early gains, although most micron categories recorded price increases for the week.
Skirtings and oddments continued to attract good support.
Interest from European buyers was more noticeable this week, supporting the major Indian and Chinese buyers.
A total 50,205 bales nationally is scheduled for auction next week.
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