Week 14 - October 2024
Eastern Market Indicator (EMI)
Eastern Market Indicator (EMI)
Microns
AWEX Auction Micron Price Guides
Sales held Tue 1st Oct & Wed 2nd Oct 2024
Offering (Aust. Only)
Offering (Aust. Only)
Sales Week 14: 2nd October 2024
Currency Movements
Currency Movements
Sales Week 14: 2nd October 2024
Forecast
Forecast
Scheduled Australian Wool Auction Sales
AWI Commentary
All types and descriptions at this week’s Australian wool auctions were very firm to dearer. Buyer competition was at times combative, as the low volumes and an improved prompt demand saw the market trend towards the sellers' favour. Merino fleece was most affected with gains of between 25 and 40ac commonplace for the week's trading.
The major price factor though was the massive gain on Chinese share markets and property stock which surged to double digit percentage gains prior to the Chinese exchanges shutting for the Golden Week national holidays on Tuesday. Off shore trade continues bullish though.
That good news from the general Chinese economy was fuelled by a series of Government stimulus measures. This significantly ignited investors' enthusiasm and bolstered market confidence in an economic recovery sooner rather than later. This sentiment looks to be starting to flow through to the wool textile manufacturing sector and encourage some investment in the future, rather than focussing on today’s weak consumer spending. Time will tell if wool surges to price levels of a more economically sustainable nature.
The top Chinese top maker headed volume buying but the top two local exporters bid up strongly perhaps indicative of their confidence going forward.
Next week sees 32,000 Australian stored bales rostered. Fremantle and Melbourne sell Tues/Wed whilst Sydney will sell on Wed/Thurs.
