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AWEX Eastern market indicator increases 8.8%
Jun '17
AWEX Eastern Market Indicator (EMI) has increased 27ac/clean kg or 1.8 per cent for the week ended on June 22, 2017 to bring the closing level to 1533ac/clean kg. When measured in US dollar terms, EMI rose to 1159usc/clean kg. Gains were achieved in both Australian and US dollar terms with the market almost 20 per cent higher than 12 months ago.

Wool auctions in Australia continued to advance price levels strongly. The Merino sector wools were once again the most sought after with good gains of 1.5 to 2 per cent being commonplace, the Australian Wool Innovation said in its wool market report dated June 23, 2017 for the 51st week. Crossbreds and cardings were not neglected by any means, as those wools placed a further 5 to 15ac upon their previous values.

The weakening Australian dollar (AUD) against the US dollar (USD) was also a positive influence as rates went 0.8 per cent in favour of over-seas buyers, said the report. Contrary to the rising market levels and favourable currency, buyers and exporters reported a widespread lack of fresh business being achieved. The purchasing at auction was therefore being dominated by those buyers looking to close out any out-standing forward positions.

The indent buying orders from China were initially aggressive on Merino fleece, but on the final day, particularly in Melbourne, the orders seemed to dry up almost instantaneously. This pull back put a shudder through the auction room, and towards the close, most buyers were reporting a market at 15 to 20 lower on the last sections of the sale day. Sydney was far stronger throughout on this final day and closed at levels 15 to 20 higher but that market had traded at least 15-20 cents below Melbourne on the first day of trade, so market alignment was more of the story arising from the opposing market results. (RR)

Fibre2Fashion News Desk – India

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