Home / Knowledge / News / Textiles / Prices dip slightly at Australian wool auctions this week

Prices dip slightly at Australian wool auctions this week

07
Sep '18
Courtesy: Pexels
Courtesy: Pexels
The Australian Wool Exchange (AWEX) Eastern Market Indicator (EMI) closed sale week 10 at 2088ac clean/kg, losing just 2ac. After gaining 11ac on the first day, the EMI lost 13ac on the final day as larger volumes of low yielding drought-affected clips combined with higher vegetable matter readings hampered the overall prices at the final day’s auctions.

In USD terms, the EMI closed 20usc or 1.32 per cent lower at 1497 usc clean/kg.

Although it appeared that there was not much change at Australian wool auction during the week ending September 7, in reality, price and demand was much weaker than what was initially expected at the commencement of selling.

“Predominantly it was the weaker value of the Australian dollar (AUD) against the US Dollar (USD) that assisted the local prices maintain values. The foreign exchange (forex) rate weakened by 1.23 per cent week on week, but at times during selling, that rate was over 1.5 per cent to the advantage of buyers using USD,” Australian Wool Innovation (AWI) said in its ‘Wool Market’ weekly report.

Peculiar at this week’s auction was that all three selling centres—Sydney, Melbourne and Fremantle—appeared to act independent of each other. The Sydney market surged forward and a general 20ac was gained, whilst Fremantle remained solid at the established levels. It was the Melbourne sale though that provided the best of buying opportunities for exporters, as that market drifted by around 25ac for the week. Notably, the largest local trading exporter and the two largest Chinese indent buyers easily made up the top three positions on buying lists, evidence of some positivity going forward.

Next week, many of the trade in China will be participating in the annual Nanjing Wool Market conference—the single most important gathering in China-Australia wool industry relations. The event is renowned as a bit of a bellwether week, and a lead to the trends in the market is often provided. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

Pic: Shutterstock

Textiles | On 14th Jun 2021

Pakistan govt proposes tax relief in budget to boost industrial growth

Pakistan's latest budget aims to reduce the input cost of many...

Pic: Shutterstock

Apparel/Garments | On 14th Jun 2021

Prime Content| Vietnam’s apparel exports expected to rise in 2021: TexPro

Apparel exports of Vietnam are expected to increase from $14.96...

Pic: Shutterstock

Textiles | On 14th Jun 2021

Huge scope to strengthen textile value chain in West Africa: report

With only 2 per cent of the raw cotton grown in West Africa processed ...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Quality & affordability to affect market acceptability of new fibres

Textile Industry, Head honchos

Textile Industry
Head honchos

The pandemic has reinstated need for organised retail spaces in Tier II...

Textile Industry, Head honchos

Textile Industry
Head honchos

Wearables have very limited reach

Nina Smith,

Nina Smith

GoodWeave International, a nonprofit working to end child, forced and...

Ujjval Saraf,

Ujjval Saraf

Founded by Jimmy Lai, Giordano International Ltd, a Hong Kong based...

David Guiho,

David Guiho

Headquartered in Apt, South of France, Delta Plus designs, manufactures...

Tiasha Renganathan, Twinery Innovations by MAS

Tiasha Renganathan
Twinery Innovations by MAS

Twinery-Innovations by MAS is the innovation arm of Sri Lankan company MAS ...

Daniel Kaye, RocketLife

Daniel Kaye
RocketLife

<div>RocketLife, an award-winning developer of breakthrough visual...

Brad Holschuh, Wearable Technology Lab, University of Minnesota

Brad Holschuh
Wearable Technology Lab, University of Minnesota

A new study led by researchers at the University of Minnesota's Design of...

Sandeep Gonsalves & Sarah Gonsalves, Sarah & Sandeep

Sandeep Gonsalves & Sarah Gonsalves
Sarah & Sandeep

Established in 2012, Sarah &amp; Sandeep is a luxury menswear label...

Archana Jaju, Label Archana Jaju

Archana Jaju
Label Archana Jaju

<b>Archana Jaju</b>’s Hyderabad-based eponymous label works with artisans...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Samatvam, a womenswear brand that blends age-old craftsmanship with modern ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search