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"Admirable" Wool Markets Weather Storm

02 March 2015

AUSTRALIA – Wool auctions resisted a storm of typically detrimental market factors to only inch lower at the week’s close.

All sectors showed “strength to resist” a strengthening Australian dollar, Chinese holidays for the New Year and talks of diminishing stocks of local finances to purchase heavily at auction.

This is according to Australian Wool Innovation (AWI) which reported a 2ac/clean kilogram depreciation on the prior week to leave the East Market Indicator at 1088ac/clean kilogram.

“In what was designated as a super fine sales series it was interesting to note that the previous week had indeed offered more wool in the “super fine” category,” said the AWI.

“Some stylish wools of good strength were offered ex the New England region of NSW and these types actually strengthened by a subdued 15 to 20ac clean kg.

“Other types were largely unchanged in this area and the final day saw a strengthening towards the cessation of selling of mainly the average and inferior end of the selection.”

An AWI spokesperson said that, with China due back in the market, better demand is expected.

“In a market volume expected to be around 45,000 bales, we fully expect a firming to dearer market as the close of selling this week saw a strong buying interest across the entire range from indent operators. If the AUD should happen to weaken further, we may see some positive volatility.”

 

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