Weekly Market Report
Mark Dyson, Managing Director
Large offering hits wool market
11 November 2016
Another large offering hit the wool market this week, with the Eastern Market Indicator (EMI) feeling the pressure and falling by 13 cents per kilogram to close at 1290c/kg clean.
While it may be a stretch to pull the Trump card as an explanation, the political situation in the USA certainly did and continues to, impact currency and stock markets.
A total offering of 47,139 bales were offered, with 8.7 per cent passed-in.
The first day of trading was the toughest as prices tumbled across the board, but there was somewhat of a recovery by the EMI on Thursday which helped stem the flow.
The overall result still saw discounts for most types, but in the finer end they were generally kept under 10c/kg.
The 17 micron guide lost 10c/kg to see 1613c/kg.
In the medium to broader fleeces the story was similar, although the 19.5 micron guide was hit particularly hard with a discount of 28c/kg to close at 1469c/kg.
Crossbreds again had a difficult sale although there was a slight lift in the 25 micron guide, which gained 3c/kg to 1117c/kg.
Skirtings followed the same general trend and closed the week lighter, as did cardings, finishing 14c/kg down in the South.
Next week the offering will swell again, with an expected 50,031 bales set to be offered nationally.