|
|
|
wool Market Report
2 Mar 2007
Wool Market firms on global instability…
Wool market firms on global instability…
- After price falls last week (pull back) the market levels firmed up this week across all selling centres.
- The wool sale in Melbourne on Tuesday was a total offering of 5,078 bales of New Zealand merino wool. The Sydney wool sale was the only centre to offer Australian wool in which the market was generally unchanged.
- Large falls in the global stock markets on Tuesday night sent shock waves through all commodities and foreign Exchange markets. The Australian dollar fell almost 1 full US cent which sparked activity in the wool market.
- From the start of selling on Wednesday the market had a sense of urgency as prices firmed. 19 micron received the best gains closing up 10 to 15 cents in all centres. The only micron categories to fall were the 18.5 micron and finer wools in the southern wool sales. This fall could be mainly attributed to poor selection and quality of wool compared to the superfine sales held over the past 2 weeks.
- Clearance rates were higher, compared to previous weeks, due to the rise in the market. The western market had the lowest clearance rate with just over 83% of wools on offer being sold.
- Talk from the buyers have the common theme of uncertainty of wool supply leading up to the end of this season. Future wool sale rosters indicate smaller offerings.
- Major auction buyers were AS Gedge (4,868 bales), Kathaytex (4348 bales) and Techwool (3963 bales).
- Sales resume next week in Sydney, Melbourne and Fremantle with a total offering of 51,236 bales.
|
|
For further information on the wool industry email Landmark or see the Landmark website.
|
|
by Peter Tustin
| Previous Featured Articles:
|
|
