AUSTRALIA: Wool Market On High

With the increased demand from top makers and better buying from China in the lead-up to the Easter break the wool market has recovered strongly this week.

The market was up 32 cents for the week, and at the close of trade, the eastern market indicator stood at 1093 cents a kilo clean.

Fears of the Chinese buyers defaulting on contracts didn't really eventuate.

Michael Dacres-Manning from the major buyer Elders BWK says the market seems to have settled down a bit. “When you have a look at who the major buyers were this week, several of them were topmakers ... but I don’t think it’s fair to say that it’s just feeding early stage processing machinery without any real demand. There’s still a reasonable amount of demand, otherwise people would have just turned the machinery off.

“That coupled with a slightly better undertone from several Chinese clients, as fewer people deal with intermediaries throughout China - more people deal with mills, so there’s greater sanctity of contracts.”

We should be happy - wool grower

Victorian woolgrower Mick Moran from Ararat says he's happy with the market sitting at around 1000 cents a kilogram.

He says historically, wool is still in the top 10 per cent of its price range, despite low demand, the war in Iraq and a strong dollar.

He thinks woolgrowers should be pleased to see the market holding firm, let alone pushing up. “They should still be feeling comfortable because we’ve had a couple of pretty good years after 10 years of shocking prices.

“We’ve got to think of the other side, we’ve got to think of the people buying it... they can’t just find money from no-where. Certainly people in terrible drought areas have got another matter on their mind. But things are still pretty good, we’re still above 90 per cent of the prices we have become used to.”

Source: Agencies

April 4, 2003

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Added: April 4, 2003
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