Weekly Market Wrap
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With Mark Dyson, Managing Director
January 29, 2010
Market dips before maintaining stability
THE wool market lost some ground this week before holding its level on the final day of sales.
The Eastern Market Indicator closed the week at 920 cents per kilogram clean, dipping 22c/kg on last week.
The Australian dollar retreated slightly against the Greenback, from 91.3 US cents late last week to 90.1 US cents this week.
The good stability on the final day of sales was encouraging. While the market did drift a little at early sales, it should be recognised that it has made strong gains since the Christmas recess.
A total 48,183 bales was put under the hammer, with a higher 17 per cent of the catalogue passed-in this week.
Merino fleece was most affected by the early price falls, with demand for crossbred wools, skirtings and oddments remaining solid.
Increased buying activity from Europe again this week was promising. China, of course, led the way, with good support from India and Taiwan as well.
The wool offering next week is expected to top 50,000 bales.
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