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Weekly commentary on the wool market from AWI trade specialists.
A tale of two markets this week as the sale results were entirely opposing between the wool breed types at this week’s Australian wool auctions. Merino wool of all descriptions was highly sought, whereas the crossbred sector fell away significantly as the extraordinary gains of last week were outdone by the remarkably large losses of this week. The Australian Wool Exchange (AWEX) Eastern Market Indicator (EMI) closed 11ac or 0.6% lower to 1849ac clean/kg, but a more substantial loss of 1.8% or 24usc were measured in the USD EMI to 1336usc clean/kg. This is somewhat misleading though as the AUD dropped radically (more than 1%) after most of the wool sales had concluded.
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Whilst the general market indicator would seem to signify a rather mundane sale series, the facts showed some very mixed results across differing wool types as the outcome at this week’s Australian wool sales. Confidence remained buoyant for the week, yet some price sensitivity around the Merino types was apparent from the outset, following the perplexingly large gains of the preceding week of selling. Conversely, the fine crossbreds (25 to 28micron) registered some similarly mystifying and extraordinarily large gains, and it was this sector that largely accounted for the EMI holding on.
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A dramatic change of direction in market fortunes this week at the Australian wool auctions. Whilst confidence began to become apparent last week, the conversion to higher price returns confirmed the trend change, and prices surged across all wool types and descriptions this week. What had actually occurred to radically spike the interest back to more favourable outcomes for wool grower sellers remains somewhat a mystery, but commentary from exporters did indicate an increase in Chinese inquiry for new contracts, but what percentage of that enquiry was converted to actual new business remains to be seen in order to continue to strengthen market pricing.
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Some semblance of confidence has appeared back at the Australian wool auction sales rooms. Widely variable results were being published, but by and large, the trade by week’s end were all reporting better price levels and sentiment within the selling centres. The origins of this change and the longevity remain uncertain, but the positive nature of the action this week was naturally warmly welcomed by grower sellers.
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Prices at Australian wool auction sales continued to fall this week, as buyer confidence and activity was severely lacking. All wool types and descriptions were affected to varying degrees, but all to negative and a good portion of the offering registered compelling depreciations. Similar to last week, the tone by the end of the last day of auction was much better than the first day but buy in levels by that stage were far more advantageous for exporters and indent buyers alike to fulfil their immediate requirements.
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