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Weekly commentary on the wool market from AWI trade specialists.
A tale of two markets this week at Australian wool auctions. Merino types of all descriptions were in strong demand and witnessed healthy gains of up to 60ac/clean kg in some instances, whilst crossbred wools continued to falter for price by around 15ac under weak interest. The AWEX EMI (eastern market indicator) advanced by almost 2% or 28ac/clean kg purely on the back of the apprecia-tion of the prices within the Merino sector which saw the EMI close the week at 1550ac.
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Australian wool auctions this week followed along the same trend as has been seen for the past two or three weeks. Super fine and fine Merino types remain well sought after whilst the medium Merino types continue to drift. Crossbred wools are still struggling to find a stable level of trade, but the carding sector is enjoying good times and prices continue upwards under strong demand. Within all these minor adjustments to wool values, the AWEX EMI (eastern market indicator) barely moved and concluded the series of sales this week at 1522ac/clean kg or 3ac lower.
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A rather mundane series of events this week at Australian wool auctions with a largely unchanged market being the result. This is well and truly reflected by the AWEX EMI (eastern market indicator) being unchanged at 1525ac/clean kg. Obviously the USD EMI adjusted just to the forex rate being 0.45 lower and as such fell 5usc to 1215usc/clean kg.
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A large adjustment to ruling price levels occurred this week at Australian wool auctions, and all to the negative mainly. Almost all wool categories were affected to some degree apart from the carding types which continue to run their own course and are seemingly immune to all other sector's movements. In fact, the cardings appreciated a few cents for the sales. The AWEX EMI (eastern market indicator) finished the week 31ac lower at 1525ac/clean kg or a 2% fall. Week on week the AUD strengthened against the USD and at times traded at levels into the 80.5 area as the auctions went ahead. When expressed in USD, the EMI finished the week at 1220usc clean/kg or 1.9% lower.
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In light of the intense activity of the past three or four weeks at Australian wool auction sales, the market produced a rather mundane result this week. Whilst some of the finest Merino microns showed some negative price tracking, the majority of the offering, which was 18 to 22 microns, was largely firm to unchanged and traded strongly throughout. Similarly the cross-bred and carding sectors produced very little change in their values over the course of the selling week.
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