Weekly Market Wrap
For the latest edition, please Refresh
frequently visited pages.
With Adrian Field, Melbourne
Trading Manager
October 22, 2004
Market defies Australian dollar
THE eastern market indicator increased four cents per kilogram
this week to close at 745c/kg.
Although the Australian dollar gained more than half a cent
on Wednesday night, it had little affect on Thursday’s
market.
The past two weeks have seen little change in wool prices.
Most Merino types remained the same apart from 22-24 micron
wools, which increased by about 10c/kg.
Crossbred types weakened, with 25-27 micron wools most affected.
Cardings continued to sell well, with only a few types weakening
slightly.
The gap between microns is now appearing to look appropriate,
particularly between broad Merino and crossbred types, where
it has widened a little.
Next week’s sales will be held in all three major
centres and total volume rostered is just over 69,000 bales.
The market is expected to remain at current levels, although
we could be looking at a new level of around the 750c/kg mark.
Again, it largely depends on the dollar movement.
In the news
WOOLMARK chief executive Peter Wilkinson has just returned
from a recent tour of wool facilities throughout Europe and
is convinced that wool needs more promotion.
He said he believed the Woolmark company was in the best
position to do this marketing.
Woolmark is going to outline a cost benefit analysis to
producers on promotion.
Many in the industry will still ask the questions –
What has been happening over the past 15 years in regards
to wool promotion and marketing? How in the past has all the
money generated through compulsory grower levies been spent?
Was this spending ever accounted for and were the people spending
it accounted for?
The debate against PETA in regards to their campaigning
against cruelty to sheep through mulesing and live export
is just beginning and is gaining momentum quickly.
Industry participants are furious over this movement by PETA,
and already there are a number of groups forming to wage a
national and international campaign to balance the animal
welfare debate.
Best wishes for all those fighting this debate and let’s
hope we have a positive outcome.
|
