Slow progress

“Never discourage anyone who continually makes progress, no matter how slow.” – Plato

A steady week on the spot market saw most indicators improved around one percent with the backdrop of a stable dollar but unremitting geopolitical noise disturbing commodity markets.

Forward markets traded ahead of the spot early in the week in anticipation of better demand signals and the increasing concern around supply as we move deeper into the season. Both 19.0 micron and 21.0 traded at a premium to cash. Both moving steadily to the top of their trading channels that have held for the past few seasons.

Any rally above these levels should be seen as a opportunity to gain some hedge cover.

Wool forwards traded this week

19.0     March              1495

21.0     March              1430

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