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No wool market cheer
9 Jan 2004
Wool sales for 2004 commenced in Melbourne on Tuesday on a subdued note. A show of strength in wool futures on Monday had led to speculation of a higher opening market, but the $AUD's gallop above US77 cents put a damper on that on Tuesday. There was a subdued mood in the Melbourne sale room due to the exchange rate, the lack of quality wool and China's continuing reluctance to write orders.
Only 600 lots of fleece wool were offered. While about 50 bales of better-styled fine wool sold 15 cents/kilogram above pre-Christmas rates, the market was quoted as flat for the remainder, which comprised topmaking styles or less.
One positive emerged during the week: the Australian Wool Testing Authority said the total weight of wool tested during December increased for the first time since 2002-2003. The weight of wool tested increased 5.8 per cent, and the average size of bale lots supplied by producers increased by 0.35 bales.
Stock & Land, 8/1/04.
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