Weekly Market Wrap
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With Adrian Field, Melbourne
Trading Manager
September 29, 2006
Market correction
THE eastern market indicator (EMI) recorded its largest fall for some time this week, dropping 13 cents per kilogram to close at 739c/kg.
Some members of the trade have been concerned that recent market rises have not been indicative of true market demand, and that a correction may come - let's hope this is the correction. The larger offering may also have had an effect.
Predictably, passed-in rates increased again this week. Of the 67,430 bales offered, 15.7 per cent was passed in.
New Zealand also offered more than 5000 bales this week and although passed-in rates were high, prices were generally quite good.
Merino fleece types of 17.5-micron and broader were in the firing line.
Southern region
Nearly all Merino fleece wools dipped 10-20c/kg.
The Merino skirtings trend continued, whereby better style, fine wools remained solid and wools with high vegetable matter weakened.
Crossbred fleece wools remained solid and carding wools were unchanged.
Sales will be held in Melbourne and Sydney next week, with Fremantle taking a week off. Only 57,476 bales have been rostered for sale.
The larger offering will certainly test the market and so prices could again ease slightly.
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 September 22, 2006 |
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