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Australian wool auctions indicate strong but flat market

Sep '19
Pic: Shutterstock
Pic: Shutterstock
Wool auctions in Australia this week are indicative of a strong, albeit flat market. The Australian Wool Exchange (AWEX) Eastern Market Indicator (EMI) gained a further 7ac this week to close at 1542ac clean/kg helping to stabilise the market after the record 170ac gains of last week. The USD EMI fell by 9usc or 0.9 per cent to close at 1047usc clean/kg.

"Sentiment appears to be shifting to the positive. Many of our Australian exporters are currently in China for the Nanjing Wool Market conference and the first-hand reports are flowing of a surprisingly better business atmosphere than most were expecting. Manufacturers appear to be showing (and exercising) faith at around the current market levels. Much of the Chinese interest though is for the fine medium merino (18 to 22 micron) types with only smatterings of bookings reported for the superfine (finer than 18.5micron) merino types," the Australian Wool Innovation Limited (AWI) said in its 'Wool Market' report for the sale week 12 of the current season.

Meanwhile, wool selling growers are continuing to place pressure on the volumes available at auction. Sellers choosing to withdraw or pass in their wool is continuing but diminishing as this week's action saw 8.6 per cent of the initial rostered quantity withdrawn from sale prior to sales commencing. Of that volume left, 10.4 per cent failed to meet the price expectations of the owners and were subsequently passed-in, the AWI report said.

"This week's market relatively is perhaps the best fillip for the industry at large following the initial massive losses of three weeks ago to the semi recovery seen since. All sections of the trade, from grower to garment maker are hopeful that the market can act to a stable price structure for a significant time, but history tells us that this is the most unlikely of results to be expected," the report added.

Around 29,000 bales would be on offer at auctions next week. (RKS)

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