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Australian wool prices eased in the latest week, hurt by a strengthening Australian dollar. The Australian Wool Exchange Eastern Market Indicator fell by 6 cents over the week to finish at 666 cents a kg clean.

This was based on a fall of 10 cents to 671 cents in the northern market indicator (Sydney), a fall of 3 cents to 661 cents in the southern indicator (Melbourne) and a fall of 6 cents to 643 cents for the western indicator (Fremantle).

This week 10.6 percent of the offering of 58,915 bales was passed in.

Sales reflected a stronger Aussie dollar against the US dollar and the yen, which makes Australian wool relatively more expensive for overseas buyers, although the currency was marginally weaker against the Euro, AWEX said.

The slightly higher pass-in rate reflected the cheaper market, it said. Buyers for China were again dominant in the latest week, the Australian Wool Industries Secretariat said.

Next week 61,648 bales will be offered for sale in Sydney, Melbourne and Fremantle.

Copyright Reuters, 2005


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