Weekly Market Wrap
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With Brian Vagg, Melbourne
April 24, 2008
Dollar dampens market
THE Australian dollar trading at and above the US 95 cent mark did not assist the wool market this week.
With the economic uncertainty occurring in most nations, it now appears the previous strong demand for wool is diminishing at a much greater rate than supply.
The Eastern Market Indicator (EMI) fell 18 cents per kilogram this week to close at 920c/kg.
The 19 and 21-23 micron types are now entering the 70 per cent decile area, however the 18.5 and 20-micron types are still trading in the 80pc decile ranking.
Good style, fine Merino fleece with good specifications was the only wool type that escaped the falls experienced by all other wool types this week, in all regions.
The better yielding types that have low mid-breaks and good tensile strength are still being keenly sought, however there is a very limited quantity of these types on offer.
The market opened on Tuesday with the 19-22 micron fleece falling 18-25c/kg in all regions. Unfortunately, the market continued to dip on Wednesday, but not by quite so much.
Nationally, there were just over 48,000 bales offered, with 21.5 per cent passed in.
In the southern region, the 19-24 micron types closed the week some 25-35c/kg easier, with 19pc of the offering passed in.
Crossbred wools in the south closed around 10c/kg easier after regaining some lost territory on Wednesday. Cardings experienced severe punishment, falling some 35c/kg for the week, with locks and stains most affected.
Next week there is a larger national offering of just on 57,000 bales.
Hugo Boss misled by PETA on mulesing clips: Wool Taskforce
The Australian Wool and Sheep Industry Taskforce claims Hugo Boss has been misled by PETA, which claims that using mulesing clips is cruel to sheep.
International retailer Hugo Boss last week said it would cease to buy wool from mulesed sheep, causing a fresh stir within the industry.
But the Australian Wool and Sheep Industry Taskforce says it welcomes Hugo Boss's support for the phase-out of mulesing by the end of 2010, arguing the company's position is "entirely consistent with the industry position taken in 2004 to phase-out mulesing by 2010, which we will confidently do''.
However, the Taskforce has again hit out at extremist animal rights group PETA (People for the Ethical Treatment of Animals), saying it is "peddling misinformation to retailers about the Australian wool industry's alternative flystrike prevention methods, in particular about the animal welfare science behind the clips technology''.
"PETA's claims that the clips are 'cruel' are designed to deliberately mislead retailers in order to drive the Australian wool industry out of business,'' said Don Hamblin, chairman of the Australian Wool and Sheep Industry Taskforce Operations Group. Source: Rural Press.
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