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Weekly commentary on the wool market from AWI trade specialists.
On the surface, it appeared there was not much change at Australian wool auction sales this week, but in reality, price and demand was much weaker than what was initially expected at the commencement of selling. Predominantly it was the weaker value of the Australian dollar (AUD) against the US Dollar (USD) that assisted the local prices maintain values. That Foreign Exchange (forex) rate weakened by 1.23% week on week, but at times during selling, that rate was over 1.5% to the advantage of buyers using USD.
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After a minor halt in positive sentiment last week, Australian wool auction prices returned to a more stable and a slightly dearer tendency at this week’s unusually interrupted wool sales. Sales in Melbourne were delayed by one day due to a nearby factory fire denying access to sale rooms. As a consequence, the Melbourne wool sales did not conclude until Friday.
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Australian wool auction prices simply couldn't hang onto the highs set last week. The extensive gains of over 6 per cent in AUD (Australian dollar) terms simply could not be sustained, and the market was cheaper from the first lot put up for auction. At times it was difficult for the auctioneer to actually extract an opening bid. Subsequently a much higher pass-in rate was seen, and in particular, the Sydney market commenced to pass-in rates within the Merino fleece sector as high at 37% initially. The AWEX (Australian Wool Exchange) EMI (Eastern Market Indicator) shifted downward by 48ac/ clean kg or 2.27% to close at 2068ac clean/kg.
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Simply staggering results were achieved at Australian wool auctions this week. Before the start of sales, the substantially weaker Australian dollar (AUD) of at times 3.2% against the US Dollar (USD), clearly signalled the market was headed to dearer territory. The AWEX (Australian Wool Exchange) EMI (Eastern Market Indicator) eventually improved by a massive 126ac or 6.33% to close at the highest ever level of 2116ac clean/kg. These are both record daily and week ending levels since the EMI has been published. These prices are now over 500ac or 31% higher than last year.
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Australian wool auctions resumed this week after a three-week break in sales. A lacklustre opening was initially the trend but positive momentum then proceeded to build, thus carrying the market into positive territory by the close. The AWEX (Australian Wool Exchange) EMI (Eastern Market Indicator) improved by 9ac from the July closing level to 1990ac clean/kg. The EMI expressed in USD gained even more and added 18usc for the week to close at 1481usc.
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