Weekly Wool Market Report
Season 16 | Week 30
Source: Australian Wool Exchange (AWEX)
The Australian wool market was two-toned this week.
The first day of selling – Tuesday, in this case, as sales were moved forward because of the Australia Day public holiday on Thursday – had a negative tone from the outset.
The benchmark eastern market indicator (EMI) fell 21 cents for the day to close at 1413 cents.
The second day saw a completely different outlook from the opening lot.
Prices opened on the previous day’s levels and, in many cases, lots started showing small but gradual increases.
The eastern market indicator only lost a further cent to close the week at 1412 cents.
Although only a relatively modest drop in price was experienced – the eastern market indicator only dropping 1.5 per cent, for instance – many growers were reluctant to accept this minor drop in prices and a higher than normal passed-in rate of 13 per cent showed this.
As we have seen recently, style and spec played a large role in market movement. The better the numbers, the lesser the falls.
The skirting market again closely mirrored the fleece market, with most falls experienced on the first day of selling, followed by consolidation and marginal increases on the second.
Although, some low spec / high vm finer micron lots struggled to find support and were tending cheaper.
Crossbreds, which have been struggling in recent weeks, suffered losses along with the merino sector: in most cases, 20 cents easier, with the exception of 28 micron, which only lost 5 cents for the week.
The oddment sector also suffered losses, but not to the same degree, although all centres showed losses for the week.
Sydney and Fremantle actually recorded gains on the second day of selling, setting a positive outlook for the upcoming sale.
Sales continue next week with currently 42,584 bales rostered for sale in Sydney, Melbourne and Fremantle.
- Elders National Wool Selling Centre: telephone 03 8325 7000