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wool Market Report
25 May 2007
Highest level in over 4 years!…
- The wool market has had an excellent week of soaring prices. All merino micron categories in general, have lifted by at least 20 cents clean! The EMI has not been this high since April 2003!
- This week the finer wools have rallied at least 30-40 cents on both selling days, after lagging behind the market over recent months.
- The 17.5 micron southern indicator recorded the largest increase for the week of +77cents. All micron categories finer than 20 recorded decent lifts on Thursday, however 21 micron and coarser seemed to only be able to maintain the price level set on Wednesday.
- Forward markets have been active with woolgrowers seeking to lock in future production at these attractive levels. Although the forward market is lifting slowly, prices are still at a discount to the physical.
- It seems that the current short term supply, coupled with some delivery commitments is driving this market. Market analysts have indicated that the higher this current market goes, the more sever the correction may be.
- Major auction buyers this week were A.S. Gedge (4,602 bales), Techwool (4,433 bales), and Itochu wool (3,347 bales).
- Wool sales resume next week in Sydney, Melbourne and Fremantle, over 2 days with a total offering of over 46,000 bales.
- 2007 Australian fleece competition…
- The Australian fleece competition is now in it’s 7th year. Further details, entry forms and brochures are available from the landmark website or your local Landmark Wool Area Manager. A total prize pool of $12,000 is up for grabs, and proceeds from the fleeces are donated to the Fred Hollows foundation. Entries close 15th June.
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For further information on the wool industry email Landmark or see the Landmark website.
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by Malcolm Condie
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