No pat­tern as wool stays firm

Countryman - - WOOL - Bob Gar­nant

The Aus­tralian wool mar­ket re­mained firm as the bench­mark in­di­ca­tor fin­ished at 1556 cents/kg last week, 2¢ lower in Aus­tralian cur­rency and 12¢ higher in US cur­rency at sales in Syd­ney, Mel­bourne and Fremantle.

Aus­tralian Wool Ex­change re­ported that the Fremantle mar­ket ex­pe­ri­enced larger falls than the East, gen­er­ally 20¢ to 40¢, with 18.5 and finer most af­fected.

Aus­tralian Wool In­dus­tries Sec­re­tar­iat ex­ec­u­tive di­rec­tor Peter Mor­gan said the mar­ket dif­fered from the pre­vi­ous week, but showed no clear pat­tern, with the week-to-week changes rang­ing from -10¢ to +15¢.

“The US ex­change rate fin­ished 0.93¢ higher based on a weaker US cur­rency fol­low­ing the re­ported det­o­na­tion of a nu­clear de­vice in North Korea,” he said.

“The Aus­tralian dol­lar closed at 79.91¢ on Thurs­day, be­fore mov­ing up a fur­ther 1.3¢ on Fri­day to fin­ish the week at 81.21¢.”

The El­ders In­ter­na­tional Wool Re­port stated un­cer­tainty for the wool mar­ket. “The ex­cep­tion is the su­perfine sec­tor while the rest of the mar­ket may go up or down,” an El­ders spokesman said.

“The few lots avail­able of the best su­perfine Merino types were keenly sought af­ter by Ital­ian buy­ers while medium Merino fleece, de­spite be­ing in abun­dant sup­ply, man­aged to close the week more or less un­changed in lo­cal cur­rency.”

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