Weekly Market Wrap
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With Adrian Field, Melbourne
Trading Manager
September 28, 2007
Dollar finally takes toll
THE eastern market indicator fell 14 cents per kilogram this week to close at 919c/kg.
This correction was bound to happen, with the Australian dollar getting stronger against the Greenback.
Of the 57,379 bales offered, 10.5 per cent was passed-in.
The biggest falls were recorded in broad Merino wools and crossbred types.
Southern region
Nearly all Merino fleece fell, with 22-25 micron wools most affected.
Skirtings dipped by about 10c/kg and crossbred fleece types recorded some large falls for all microns, especially the broader wools.
Cardings were also about 10c/kg cheaper.
Sales will be held in Sydney and Melbourne next week, with about 43,311 bales rostered for sale.
Although there was a correction in the market this week, it is expected to be short-lived, because the low wool supply is still concerning.
If the Australian dollar remains the same, the market will remain similar. If the currency weakens, it will strengthen.
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