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Weekly commentary on the wool market from AWI trade specialists.
The bull run at Australian wool markets extended further into this week as price gains actually accelerated in pace relative to previous weeks. The trend favouring Merino wool was broken this week as all wools on offer were caught up in the sentiment. Some staggering percentage gains were achieved in the carding and crossbred sectors while Merino types continue to forge ahead relentlessly. When the smoke settled from the fierce purchasing activity on all wool descriptions, the trade witnessed another all time high weekly closing price. The AWEX EMI (Australian Wool Exchange - Eastern Market Indica-tor) soared 58ac for the week and eventually registered a new record level of 1681ac clean/kg at the cessation of sales for the week.
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The momentum of demand for Australian wool extended further into this week across all wool auction markets. Gains were spectacular and of great magnitude, with the superfine Merino fleece and cardings sector the standout performing types. Perhaps most welcome though was the recovery in price of all crossbred wools on offer, ending their 3 week decline. The spirited bidding evidenced in all sale rooms saw records tumble throughout the week, and a record AWEX EMI (Australian Wool Exchange - Eastern Market Indicator) was set as the EMI soared 45ac/ clean kg to close at an all-time high of 1623ac kg.
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Demand for Australian Merino wool has gained further momentum with strong price gains across all Merino types at wool auctions this week. Unfortunately the same is not the case for our crossbred wools which faltered once more with prices diminishing on almost all of the offering. All carding wools continued the recent advancement and interest in these types appears insatiable at present with prices well over 1200ac on the indicators. Whilst initially 5ac lower for the first half of the week, the AWEX EMI (eastern market indicator) surged strongly through to the close on the final day to post a healthy 10ac clean/kg rise for the week. The EMI closed at 1578ac/clean kg which is 247ac higher than at the same time last year.
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Australian wool auctions on the surface appeared to be rather mundane this week, but some vastly differing results were recorded across the wool type spectrum. Demand picked up on super fine Merino and cardings, causing positive price movement, whilst the broader than 19 micron Merino and crossbred sectors all suffered a slowing in interest and negative price impacts in reaction to the strengthening AUD (Australian Dollar) versus the three major wool trading currencies of the USD (US dollar)/CNY (Chinese yuan) /Euro exchange rates. The AWEX EMI (eastern market indicator) did manage to pick up 2ac though and closed the week out at 1568ac/clean kg.
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Another good week at Australian wool auctions for sellers of Merino wools of all types and all descriptions. Prices were stronger from the outset and pushed upward right through to the close of selling. The crossbred sector didn’t fare as well as prices initially retreated, but pleasingly, towards the latter parts of the final day, levels consolidated as buyers purchasing intent became more willing. The AWEX EMI (eastern market indicator) advanced by another 1% or 16ac/clean due once more to the advance of prices being paid in the Merino sector. The EMI closed the week at 1566ac which is 19% higher compared to the same sale as last season.
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