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Weekly commentary on the wool market from AWI trade specialists.
Another week at Australian wool auctions whereby the ability of the market to hold firm in the face of usually adverse factors featured prominently. Whilst small reductions did occur on the Merino mid microns at both eastern sale centres, the auctions generally produced firm to better prices on the majority of the sellers offered types. The AWEX EMI (eastern market indicator) decreased by just 2 ac/clean kg to close out the last “half” of the season at 1522ac/clean kg, which is 16% higher or 211ac better than the close of 12 months ago. In USD terms, the EMI shot 15usc higher to 1173usc/clean kg as the stronger AUD failed to dampen the current strong demand. The EMI in USD closed at 1173usc/clean kg which is 175usc or 17.5% higher than last year.
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Australian wool auctions performed admirably this week, not by increasing price levels, but by holding very firm in the face of the heavy volumes hitting the market. Buyer expectations of a cheaper market were largely unmet, with all types and descriptions on offer recording just minor adjustments downward. The rebased AWEX EMI (eastern market indicator) decreased by just a single cent to close the week at 1524ac/clean kg.
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Wool auction results across Australia went largely to pre sale expectations this week. Unfortunately it was to the negative in the leading market sector of the Merino fleece, but all other types and descriptions on offer managed to hold their levels. The AWEX EMI (eastern market indicator) decreased by 26ac/clean kg or 1.7% for the week to bring the closing level back to 1507ac/clean kg. When measured in USD, the EMI lost just 4usc to close at 1155usc / clean kg, as the AUD strengthened against the USD to minimize the loss in USD terms.
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Wool auctions in Australia continued this week to advance price levels strongly. The Merino sector wools were once again the most sought after with good gains of 1.5 to 2% being commonplace. Crossbreds and cardings were not neglected by any means, as those wools placed a further 5 to 15ac upon their previous values. The AWEX EMI (eastern market indicator) increased 27ac/clean kg or 1.8% for the week to bring the closing level to 1533ac/clean kg. When measured in USD, the EMI rose 12usc to be 1159usc/clean kg. In both AUD and USD terms the market looks like seeing the season out at levels of almost 20% higher than 12 months ago.
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Positive movements across all type categories featured at Australian wool auction markets. The AWEX EMI (eastern market indicator) increased 28ac/clean kg or 1.9% for the week to break through the 1500c barrier once again and closed at 1506ac/clean kg. This level is almost 18% higher or 227ac more, year on year. The EMI when measured in USD outstripped the AUD gains this week and rose 2.8% or 31usc to 1147usc/clean kg. At this level we are 200usc higher than 12 months prior and that is well over 20% higher in USD terms which is significant given the world largely buys wool in this currency.
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