In the Merino sector, Melbourne prices were cheaper, Fremantle strengthened and Sydney was by and large firm and unchanged. Crossbreds in the eastern states were more consistent with 29 micron and finer fully firm to dearer, whilst the downward trend on the very small offering of 30 micron and broader continued, the report said.
The AWEX eastern market indicator (EMI) gradually decreased throughout the week by 6ac/clean kg per day to close 12ac lower at 1522ac clean kg. Most of these reductions centred from Melbourne. An indication of the willingness of demand was the USD EMI which went to the positive and rose 7usc/clean kg to 1135 usc/clean kg.
The lower volumes and wool types on offer continued to play their role, but a stronger dollar also came into play. Many off shore participants were expecting a lower AUD to execute some buy orders. They were hoping for either a more favourable foreign exchange rate or a cheaper physical market in Australia to lead to exporters lowering their levels for prompt or short term shipment offers, which did not occur to any great degree.
The selection of Merino types on offer continued to be plagued by abundant volumes of sale lots exhibiting high levels of vegetable matter (VM). The ruling levels for these types are currently around 80ac/clean kg lower for wools in the 20 to 22.5 micron area and as much as 150ac/clean kg lower for 18 micron types. In almost all instances though, these heavier VM wools are exceptionally good in their additional measurement (AM) tests and in particular the tensile strength.
Prompt business is still available for those holding stock or prepared to go short, but as volumes at Australian auctions are significantly lower for the next 3 or 4 weeks at least, exporters are highly reticent to commit to a short position. Stock and sell is still very much the course many buyers are taking which is in some way hindering the market’s ability to stabilise as no mid to longer term positions are being set, the AWI report said.
Around 37,000 bales would be on offer for sale next week at the three centres. (RKS)
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