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Weekly commentary on the wool market from AWI trade specialists.
The rocketing price gains of recent weeks at Australian wool auctions took a breather this week, with price adjustments across the board both up and down. Very mixed buying patterns were seen, with ex-port buyers committed to continuing their accumulation of all Meri-no types 19.5 micron and broader, while they were prepared to let the finer end of the Merino market drift. The AWEX (Australian Wool Exchange) EMI (Eastern Market Indicator) subsequently closed the week 16ac lower at 2011ac/clean kg.
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An epic week at Australian wool auctions as the 2000acent EMI barrier provided next to no resistance to the extremely bullish market forces in motion. This level was easily breached on the opening day, 30th May 2018, to close that day at 2011ac/clean kg. The AWEX (Australian Wool Exchange) EMI (Eastern Market Indicator) closed the week 44ac or 2.22% higher for the week to conclude at a level of 2027ac/clean kg, another all- time record for both daily and week ending values. Incredibly this makes the year-on-year comparison 37.7% higher or a 555ac/per clean kg increase.
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Another sensational and historic week at Australian wool auctions. Prices for all wool types and descriptions finer than 28-micron leapt forward once more as buyer’s purchasing intensity lifted despite some nervousness within the trade as to the potential regarding how high the market may go. The AWEX (Australian Wool Exchange) EMI (Eastern Market Indicator) gained 2% or 40ac clean/kg to close the week at 1983ac/clean kg, an all-time record for both daily and week ending values of that indicator. Last year at the same period the EMI sat at 1495ac so we are now 32.6% higher year on year.
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This week saw a continuation of some the strongest demand for Merino wool ever seen at Australian wool auctions. From the outset of selling, buyer competition was intense and the aggressive bidding caused immediate price gains of 30 to 50ac across the entire offering. This buying intensity flowed through the entire two days of selling, but notably gathered momentum on the final day and a further 50ac was added to wool values. Additionally, more wool types were caught up in the action on the closing day, as the finer edge of the comeback and crossbred sectors (25 to 27 micron) also produced price gains of around half a dollar per kg.
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After a lack lustre series of wool auction sales last week, this week saw the complete reverse. Australian wool auctions produced action aplenty from the outset and all to the positive. The main impetus centred on Merino wool with the fleece sector the most sought after as overseas users placed orders to renew the rather empty greasy wool pipeline in front of machinery globally. China was again dominant in the demand stakes and seemed intent on getting set for quantity, somewhat irrespective of price as supply fears around the availability of the quality wool required grows. Meanwhile the foreign exchange rates of the AUD versus the USD is at it’s lowest level since the middle of June 2017.
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