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Weekly commentary on the wool market from AWI trade specialists.
Australian wool auctions produced wildly varying movements in their published pricing, but this was totally due to the lack of a Sydney sale last Thursday. The disparity with the week to week quotessaw the trade initially concentrate on trying to align those differences but by weeks end, the returning confidence saw all levels flatten out then slowly increase. The weaker AUD v USD rates (-1.3%) helped maintain the renewed and improving interest from overseas.
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Pre-sale thoughts were rife at the start of this week that the price falls at Australian wool auctions had gone far too low. Expectations of a market adjustment upwards were commonplace. The ensuing price rises though were totally unexpected. Confusion appears to be just as prevalent across the wool trade and similar to when prices were cascading downward.
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Sales were held under a much better tone and while the first day selling was hit early, strengthening interest and competition became apparent. This sentiment transferred fully into the final day where most types and descriptions posted modest gains.
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The slowing of the price decline and the more hopeful tone witnessed last week at the Australian wool auctions dissipated entirely this week. Heavy falls were the again dominating sale results. All wool types and descriptions, except the crossbred sector, experienced abnormally large losses, with the fine and medium ( 18.5 to 22 micron) Merino being most effected.
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The selling week at Australian wool auctions steadied the falls experienced over the past fortnight, yet still tracked negatively. Better signs were in evidence, with most exporter buyers showing willingness to participate back to near normal levels. The sentiment and tone of auctions was more animated yet still very cautious in purchasing volume and aggressive pricing.
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