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Weekly commentary on the wool market from AWI trade specialists.
Yet another historical week at Australian wool auctions which has seen the AWEX EMI (Australian Wool Exchange - Eastern Market Indicator) week-ending figure record broken again for the 12th time this season. The strong price surge of last week was seen and raised for all sectors of wool on offer, with all micron bands recording im-pressive gains. This keen interest smashed the EMI through the 1700 ac mark to close at 1760ac, a lift of 61ac clean kg. This surpassed the previous record high of 1699ac level hit just last week.
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A historical week at Australian wool auctions which has seen the AWEX EMI (Australian Wool Exchange - Eastern Market Indicator) week-ending figure record broken again for the 11th time this season. A strong price surge came from surprising sectors of all of the crossbreds and cardings wools on offer, but all wools were strongly sought after. This renewed interest helped lift the EMI 23ac to 1699ac clean kg, outstripping the previous record high of 1689ac level hit 3 weeks ago.
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The cheaper market seen at Australian wool auctions last week has failed to turn into a trend, with the market rebounding nicely this week. All Merino types have either stabilised around their established values or increased in price to varying degrees. Crossbred wools showed some signs of stability but some minor losses were recorded for the week. The carding segment of the offering has maintained its strong levels and traded mostly firm unchanged throughout on an indicator level across all types in that sector, even though some pluses and minuses were evident in specific types.
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After last week's consolidation at Australian wool auctions, the market found itself on a cheapening trend by the close of selling for the week. This price retraction was evidenced across most of the offerings, with the carding sector the only segment to escape the down-turn. Large volumes on offer this week, and the next three, as well as substantial pressures on access to finance were the talk of the week. These factors were the predominant causes that set the market into reverse for the time being.
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Following on from the recent outstanding gains in wool values, Australian wool markets generally consolidated around ruling price levels. The main competition in the Merino sector came again from the largest locally based trader/exporter fighting fiercely for volume against the largest Chinese indent buyer. This strength of purchasing saw over 36% of the available volume head into just these two company’s inventory. The crossbred lift unfortunately hit the wall this week and the huge gains of last week diminished throughout selling. Cardings performed admirably once more and advanced further skyward.
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