The changes in the EMI in US and Euro currencies since mid-October are now 168¢ US (30.3%) and 112 Euro cents (25.3%).
In a two day sale in Sydney and three day sale in Melbourne, the AWEX EMI increased by 2¢ on Tuesday, by 5¢ on Wednesday and decreased by 2¢ on Thursday. The Western Indicator decreased by 37¢ on Wednesday, after the two week break, and increased by 4¢ on Thursday.
The market held up well for Australian growers under the pressure of the largest sale of the season and a rapidly escalating increase in the expected size of the offering. The week began on a firm note on the back of reported good sales to China after last week's sales and a 1.4% fall in the US exchange rate.
Trade participants also report that the sale finished on a strong note. Fine wools lost a little ground during the week, whereas medium wools up to 23 microns all gained slightly, with better strength fleece wools attracting greater competition.
The competition was led by buyers for China with support from the topmakers. Sales will be held in Sydney, Launceston and Fremantle next week, when 61,540 bales are currently rostered for sale. Current estimates for the following three weeks range between 65,000 and 73,810, an overall increase of 1.7% over the same period last year. In South Africa, the Cape Wools Indicator fell by 1.1%, while currency was down by 2.2% against the US and 1.8% against the Euro.
Australian Wool Innovation
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.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
