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Weekly Market Wrap
With Adrian Field, Melbourne
Assistant Trading Manager
November 7, 2003
Indicator slips below 800c/kg
THE eastern indicator eased another 8 cents per kilogram
this week to close at 799c/kg.
The largest falls were recorded on Wednesday, with no change
on Thursday.
Wools in the 19.5 micron category and finer were most affected,
falling by 20c/kg.
Wool of 30 microns was the only shining light for the week,
rising by more than 10c/kg.
Meanwhile, Standard Commercial Corporation America has officially
announced that it will be closing its wool division. The company
has decided to exit the wool business after suffering substantial
losses and to focus on its Tobacco business.
This follows the news early last week that Marubeni will also
cease its wool buying operation by the end of the calendar
year.
Rumours continue to grow regarding the shortened longevity
of other industry participants, with more news likely in the
next fortnight.
The Australian dollar continued to climb against the US dollar
this week.
It appears that market levels are now almost entirely related
to the currency. Therefore, once the dollar starts to settle,
so should the market.
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