Weekly Market Wrap
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With Adrian Field, Melbourne
Trading Manager
February 2nd, 2007
Market holds despite large offering
THE eastern market indicator strengthened a further 5 cents per kilogram this week to close at 931c/kg.
The larger than normal offering was set to be a real test for the market, but the prices certainly reinforced the overseas demand at these levels.
Of the 81,448 bales offered, 8.5 per cent was passed in.
Although prices remained solid overall, there was movement within various categories.
Southern region
Merino fleece of 18-19 micron fell about 10c/kg, while 22-24 micron types strengthened about 15c/kg.
Merino skirtings gained 10-20c/kg, with better, finer types receiving the biggest premiums.
Crossbred fleece wools strengthened in the 28-29 micron range, but struggled elsewhere. Carding wools fetched an extra 10c/kg.
Next week's sales will be held over three days in Sydney, Launceston and Fremantle, with 61,540 bales rostered for sale.
While the weaker Australian dollar has supported the good business activity, the market levels indicate that prices are being generated by true demand.
It is expected that better style spinning types will sell at a premium in Tasmania next week and remaining types will maintain current levels.
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