Australian wool market holds steady amidst global fluctuations

However, beneath the surface, significant gains were made when measured in US dollars (USD). The Australian wool market saw a notable 1.3 per cent increase in the Eastern Market Indicator (EMI) in USD, reflecting a slightly stronger demand scenario, considering the prevalent use of USD in global wool transactions.

Post the Chinese New Year holidays, activity picked up as factories and traders returned to their desks. While direct buying representatives and indent operators showed increased activity, the market's confidence remained cautious, particularly among European operators, the Australian Wool Innovation (AWI) said in its commentary for week 34 of the current wool marketing season.

Merino wool, particularly in the 19 to 22-micron range, continued to attract strong demand, with values witnessing incremental growth. Conversely, super fine wool types experienced some depreciation in returns.

Crossbred wool types saw devaluations, particularly in finer and broader micron ranges, while mid-micron wools held steady amidst stronger forex rates. Cardings maintained firm prices, with some sectors witnessing slight increases, AWI commentary added.

Looking ahead, the market anticipates 40,000 bales for offer next week, with sales scheduled for Tuesday and Wednesday, signalling continued activity in the Australian wool sector.

Fibre2Fashion News Desk (KD)