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Wool market closes at lower bids
27
Feb '08
Wool prices fell last week, owing to an increase in the Australian dollar and poor demand from China and Italy. Besides, larger quantities on offer have also put pressure on prices. With sales slowing down at apparel stores, demand for Australian wool may decline, possibly affecting prices.

On an average, the Australian wool market finished 2.1 percent lower, at sales in Sydney, Melbourne and Fremantle this week against a further increase in the US exchange rate.

In a three day sale in Melbourne and a two day sale in Sydney, the AWEX EMI fell by 11¢ on Tuesday, by 5¢ on Wednesday and by 2¢ on Thursday. The Western Indicator fell by 28¢ on Wednesday and rose by 2¢ on Thursday in a two day sale in Fremantle.

However, a record price was set for Western Australian superfine wool at sales in Newcastle.

Kojonup growers from Misty Hills received 13,500 cents a kilogram for three bales of 13.7 and 13.8 micron wool. Previous records for the same showed the figures hovering around 8000 cents a kilogram.

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