Week ending: 17 March 2016
There was a turnaround in sentiment this week with the NRI, closing two cents higher. It was a staggered opening on Wednesday, with Sydney initially opening weaker, however enthusiasm
did increase over the course of the day to leave Melbourne 5 cents dearer, and Fremantle 10 cents dearer.
Thursday’s market opened strong before losing momentum, leaving the east coast to close in positive territory, while the West coast lost ground. The irregularity came on the back of a sharp bounce in the Australian dollar which jumped 1.6 US cents the previous night. Although there were some losses over the two days, the net result still mostly favoured the positive side of the ledger. Prices closed 5 to 10 cents higher when compared with the previous sale with Melbourne receiving the biggest advantage.
Just over 48,000 bales are expected next week, in the final sale before the one week Easter recess.