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Weekly commentary on the wool market from AWI trade specialists.
A pragmatic approach to purchasing by the majority of buyers at this week’s Australian wool auctions saw a market that largely went to the buyer’s favour. The week’s operations featured the continued weakness of the two largest Chinese indent operators within the Merino fleece. This lack of purchasing intent saw that sector flounder and drift downwards, as the exporters that were interested were advantaged and this allowed the price to drop back to their ideal levels.
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Australian wool auctions resumed this week with positive price gains across the entire offering. All types and descriptions ended the week at higher levels, despite the general absence of the largest of the Chinese indent buyers. The AWEX Eastern Market Indicator (EMI) gained 17ac or 0.87% to close at 1960ac clean/kg. The EMI when expressed in USD was conversely much weaker to record a level at the conclusion of the weeks selling of 1376usc clean/kg, which was 23usc or 1.65% lower.
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The national wool auctions produced a positive result this week out of Australia. For the time being, this has reversed the slow decay of the average market price that has been the trend for two months. In fact the Australian Wool Exchange (AWEX) reports state that this latest drift is the longest since November 2003, when measured in weeks selling, The AWEX Eastern Market Indica-tor (EMI) gained 7ac or 0.36% to close higher at 1943ac clean/kg. The EMI when expressed in USD was even stronger and recorded a 12usc or 0.88% to see that indicator close at 1399usc clean/kg.
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Australian wool auctions generally meandered along this week in much the same fashion as the past month or so, with the glaring exception of the crossbred sector which continues to post new all-time highs. The Australian Wool Exchange (AWEX) Eastern Market Indicator (EMI) lost 7ac or 0.36% to close at 1937ac clean/kg. The EMI when expressed in USD was actually stronger by 5usc or 0.37% to see that indicator close at 1387usc clean/kg.
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Results this week at the Australian wool auctions produced prices similar in trend to the existing patterns. The Merino fleece and skirtings sectors are still drifting downward trying to adjust and find comfortable trading levels for the heavily drought-influenced on quality of the selection. Crossbreds remain well sought and continued to strengthen, whilst cardings realized further losses. The Australian Wool Exchange (AWEX) Eastern Market Indicator (EMI) lost a minor 4ac or 0.2% to close at 1943ac clean/kg. The EMI when ex-pressed in USD was unchanged at 1382usc clean/kg.
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