Wool market unable to maintain positive momentum

The AWEX Eastern Market Indicator finished 19 cents a kilogram lower at 1555 cents a kilogram.
The AWEX Eastern Market Indicator finished 19 cents a kilogram lower at 1555 cents a kilogram.

Season 19 - Week 21

The Australian wool market has been unable to maintain last week's positive momentum.

It has instead recorded losses across the entire Merino range and resulted in a full reversal of last week's 19 cent gain in the AWEX Eastern Market Indicator.

The EMI finished 19 cents a kilogram lower at 1555 cents a kilogram.

Overall there were increased prices during that previous series which encouraged more sellers to the market and pushed the national quantity up to 38,298 bales this week.

However, compared to the corresponding sale of the previous season the national offering was 10,000 bales lower.

To date, 12 per cent less bales have been put through the auction system this season.

A weak finish from the Fremantle region late last week prompted a slip at the opening of the eastern markets this sale.

The 19.0-micron and coarser recorded the largest reductions.

The individual Micron Price Guides (MPGs) for these wools fell by 8 to 35 cents a kilogram in Sydney and Melbourne on Wednesday and continued to retract as the day progressed.

The MPGs fell by 22 to 44 cents a kilogram in Fremantle late in the day.

The softer tone carried into Thursday where the market continued to track downward but at a more subdued rate than the previous day.

The individual MPGs across in the eastern centres were mostly 10 to 20 cents a kilogram cheaper, although the broader ranges of 21 and 22-microns showed some promise, closing marginally higher.

Fremantle continued this trend and ended the week on an encouraging note, firming 5 cents a kilogram clean dearer for most microns.

Merino skirtings continued to find good support and closed ahead for the better types, particularly in the finer microns.

The Merino Carding Indicators had mixed results depending on the region, but were in line with last week.

While the crossbreds were slightly cheaper.

For more information, visit https://eldersrural.com.au/wool/

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