Weekly Market Wrap
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With Adrian Field, Melbourne
Trading Manager
August 27, 2004
Weaker dollar stabilises market
THE eastern market indicator gained 2 cents per kilogram
this week to close at 778c/kg.
A weakening Australian dollar prevented the indicator from
easing further.
Fine wools remained very solid, with some better styled types
gaining premium prices.
Medium to broad wools were slightly cheaper and crossbreds
were virtually unchanged, whilst cardings fell about 10c/kg.
With an offering of just over 56,000 bales, the passed-in
rate was quite low, finishing at about 12 per cent.
The first Newcastle sale for the season was held this week
and most wools sold very well, particularly 18.5 micron and
finer types. Wools in this category were very stylish and
received appropriate premiums.
In the southern region, New Zealand wool was offered for
the first time. The offering totalled 1007 bales, with 27.6pc
passed-in. The majority of the wool was in the superfine category
and sold very well.
This week was another indicator of how the currency influences
the market.
Next week's sales will be held in all three centres, with
an offering of about 61,000 bales.
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