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Weekly commentary on the wool market from AWI trade specialists.
Mixed results were the order of the day at Australian wool auction sales this week. Under a general cloud of weakness, many sectors actually managed to exhibit signs of improvement in demand as buyer confidence grew as prices lowered, particularly in USD terms. The Australian Wool Exchange (AWEX) Eastern Market Indicator (EMI) fell by 1% or 21ac to close at 1992ac clean/kg. In US Dollar (USD) terms the indicator also shifted lower coincidentally to exactly the same amount as last week at 45usc lower or 3% to 1411usc clean/kg.
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Australian wool auction prices finally succumbed this week to the price resistance that has been simmering for a fortnight. All wool types and descriptions on offer were adversely affected to varying degrees, but it was the carding sector that was hardest hit bearing in mind though that all wools broader than 18.5 micron are coming off the strongest Spring levels seen. The Australian Wool Exchange (AWEX) Eastern Market Indicator (EMI) fell by 2.6% or 54ac to close at 2013ac clean/kg for the week.
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Local results at Australian wool auctions this week suggested a weakening wool market has become the trend, but in reality, the market is reflecting the adjustments for currency rather than wool value or demand. The Australian dollar (AUD) is staging somewhat of a recovery as the rate against the US Dollar moved towards the 0.73 level after sitting in the 0.71’s for a week or two. This impacts negatively upon local AUD auction prices. The Australian Wool Exchange (AWEX) Eastern Market Indicator (EMI) fell 27ac or 1.3% to close at 2067ac clean/kg. In USD terms though, the indicator barely moved and just 3usc was lost as that indicator closed the week 0.20% lower at 1501usc clean/kg.
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As was largely expected, it was a rather sedate week for Australian Wool auctions. There was a lot of inactivity due to the wait and see approach that inevitably comes each year around the Nanjing Wool Market (NWM) conference week, as that event usually will provide a strong lead as to the short to medium term market direction and a week or two post conference is required for that direction to be-come apparent.
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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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