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Weekly commentary on the wool market from AWI trade specialists.
The Australian Wool Exchange (AWEX) Eastern Market Indicator (EMI) slipped 11ac or 0.54% for the week to 2016ac clean/kg. In US dollars (USD) terms, the EMI experienced a similar 11usc fall to 1441usc clean/kg. Not much movement was seen on the currency front, with minor fluctuations of 0.22% as the ruling AUD v USD foreign exchange (forex) rate weakened.
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Australian Wool auction sales sold to very intense Chinese interest this week and healthy gains were recorded across the entire offering. Demand for the fine (19 to 21micron) Merino and fine crossbred (26 to 28 micron) was at the forefront of buyer activity, with price levels within this area rising by upwards of 4.2% on the merino and 6.5% on the crossbreds. All other wools on offer also enjoyed some very good price hikes.
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All categories of wool on offer at Australian Wool auction sales sold strongly to the sellers advantage this week. Sales featured some excellent quality (mainly super fine Merino) wools ex Tasmania and these wools attracted a healthy premium and sold predominantly to the traditional Italian weavers. Significantly, historical highest price levels were reached within the crossbred sector. The Australian Wool Exchange (AWEX) Eastern Market Indicator (EMI) advanced 24ac for the week to 1968ac clean/kg. In US dollars (USD) terms, the EMI gained 21usc to close at 1401usc clean/kg.
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Australian wool auctions sold strongly and to dearer levels this week. Nearly all categories on offer produced sale results that were very firm or slightly dearer on their established values, except for the carding types which sold to the buyers favour throughout for most descriptions. The Australian Wool Exchange (AWEX) Eastern Market Indicator (EMI) advanced by 10ac for the week to close at 1944ac clean/kg, When the EMI is measured in USD, a loss of 26usc or 1.82% was recorded to 1380usc clean/kg, eliminating 70% of last weeks’ gains in that indicator.
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In somewhat of a surprise to most trade participants, Australian wool auctions sold generally dearer this week. Pre-sale discussion centred around the continuing state of new volume forward business being hard to come by at fair and reasonable current market levels. Most expected a softening as China heads into their New Year recess over the next two weeks, but this largely failed to eventuate as the major buyers were keen to acquire volume.
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