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Weekly Market Wrap
With Adrian Field, Melbourne
Assistant Trading Manager
January 9, 2004
Positive start to new year
THE first wool sales for the new calendar year started on
a positive note despite a massive jump in the Australian dollar.
This goes against the previous trend, and many people would
be scratching their heads wondering if currency has any affect
on wool prices.
The kick in wool prices had nothing to do with the dollar.
The main reason for the sudden lift in demand was the fact
that several companies have deadlines for shipping commitments
that must be filled within the next fortnight. They just needed
to buy the wool.
Combine this with some fresh business into Europe and there
is the recipe for a sudden lift in competition - and stronger
market activity.
The eastern indicator closed at 791 cents per kilogram, 16c/kg
higher than the final sale prior to Christmas.
Most price rises were in Merino fleece categories, particularly
for 20 micron and finer.
Most crossbred wool types actually fell slightly.
China is still very quiet as it heads into its New Year period.
Various industry participants believe China will become more
active in February/March.
The market is likely to slide within the next fortnight for
a few weeks before a recovery early next month, however with
such small volumes of wool anticipated for the coming weeks
we may see the market maintaining current levels.
Like most members of the industry, we are looking forward
to a better year and perhaps this week's positive start is
a sign of things to come.
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