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wool Market Report
9 Mar 2007
Global instability excites wool market…
- Share markets across the globe fell dramatically last week which in turn affected exchange rates which impacted on commodities such as wool.
- This week the Australian dollar has fallen from highs of 78.25 on Monday to lows of 76.8 on Tuesday, and has settled around the 77.7 area. These large falls, combined with low supply concerns, has sparked buying interest in Australian wool.
- Wool futures markets lifted strongly on Monday and Tuesday setting the scene for a dearer physical market on Wednesday.
- From the start of selling on Wednesday the market had a sense of urgency as prices opened at least 10/15 cents dearer across all microns. Prices continued to rise throughout the day and finished up 20 to 35 cents across all microns in all selling centres. Prices continued to rise in all selling centres on Thursday. Over the week all centres have recorded large increases in all micron categories.
- The largest increase was the 19 micron northern indicator which lifted 84 cents! The only micron category to lose ground was the southern 32 micron indicator, which was 4 cents lower.
- Forward markets are active with woolgrowers seeking to lock in future productions at historically high levels.
- Major auction buyers were AS Gedge (3,917 bales), Techwool (3199 bales) and Kathaytex (3136 bales).
- Sales resume next week in Sydney, Melbourne and Fremantle with a total offering of 52,077 bales.
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For further information on the wool industry email Landmark or see the Landmark website.
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by Peter Tustin
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