Weekly Market Wrap
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With Adrian Field, Melbourne
Trading Manager
September 23, 2004
Market slides as dollar strengthens
The eastern market indicator fell 1.3 per cent to close at
767 cents per kilogram this week, a drop of 10c/kg.
In one week, the Australian dollar jumped 1.9pc and is now
sitting at 70.78 US cents.
Wools most affected by the price fall were 19.5 to 24 micron
types. Fleece wool of about 21 micron dropped almost 30c/kg
clean.
Wools finer than 18.5 micron, particularly superior types,
were least affected.
Merino skirting prices fell only slightly, crossbred fleece
was down 10c/kg, with the finer end most affected, and cardings
remained very solid due to a supply shortage.
National passed-in rates increased this week to 16 per cent
- not a bad result considering the significant market fall.
Almost 25pc of the offering at Fremantle was passed in, with
the western indicator falling by 18c/kg.
Meanwhile, figures released by the ABS have stated that
exports to China are up 144pc in weight and 102pc by value.
A total 46pc of all wool was exported to China. Exports to
China in July made up 54.6pc of all exports and 60.7pc of
all greasy exports.
AWTA has stated that bales sampled so far this year have
increased by 9.5pc. Wool of 19.5 micron and finer has fallen
by 13pc for July and August.
Sales next week will be held at all three centres, with
a total offering estimated at almost 68,000 bales.
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