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Weekly Wool Market Report 30th September 2008'
Weekly Wool Market Report 30th September 2008'

     Last week saw the expected market decline of 10/20 cents per kilo except for 20.0/22.5 micron which fell 30/40 cents, this was on the back of a 350/400 point rise in the exchange rate. Last night the 700 billion dollar rescue package of the US financial sector was rejected and as a result our dollar is currently trading below 80 US cents and free falling, as demand for commodities weakens. The market will be dearer this week but how much will be determined by what rate the exchange rate is 11am AEST on Wednesday when sales resume across Australia, underlying demand is weak but this will return some confidence from buyers/traders and stimulate sales from China. The superfine sector remains bouyant with the best prices in years and expect prices to remain strong for the next 6 months at least.


Posted on Tuesday, September 30, 2008
Posted by Scott Sealy  Contributed by
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