Weekly Market Wrap

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With Adrian Field, Melbourne
Trading Manager

July 9, 2004

Market eases with currency movement

THE eastern market indicator fell almost 2 per cent this week, equating to 15 cents per kilogram.

This was in line with the currency movement from last week, whereby the Australian dollar strengthened by a little more than 2pc.

Most of the fall happened on the first day - there was very little change on the Wednesday and the market strengthened slightly on Thursday.

This is the first time in several years that the market has been solid heading into the annual selling recess, which is very positive.

What makes it even more positive is the fact that we had a very large offering combined with a strengthening dollar.

A total 17.6pc of wool on offer was passed in.

It was also interesting that almost 20pc of the wool offered this week was re-offered wool.

There is one sale next week to be held in Sydney. Melbourne and Fremantle have a three-week break from sales.

The market is likely to continue its steady performance beyond the break, but we will get a better idea of this following next week's sale.

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