Week Ending 24 March (Week 38)
A quick glance at the unchanged and record equalling weekly close of the AWEX Eastern Market Indicator (EMI) at 1546ac clean/kg would appear that this weeks Australian wool auctions were rather mundane. This was far from the case, as some radical price movements were in evidence in the market, particularly at the super fine end of the merino offering.
Week Ending 17 March (Week 37)
Another impressive week for wool sellers at Australian wool auctions. Strong price gains were achieved for most of the wool on offer as the market defied the unexpectedly stronger AUD against most of the major trading currencies. The super fine Merino segment was a standout once more as common gains of 100ac clean/ kg were registered. By the close of selling the AWEX Eastern Market Indicator (EMI) broke new ground once more to escalate to 1546ac clean/kg, a 24ac gain for the week. Greater gains were achieved In USD terms, with the EMI racing 43usc higher to 1187usc clean /kg.
Week Ending 10 March (Week 36)
Positive price results were achieved again at this weeks Australian wool auctions. Essentially it was the superfine Merino sector that lead the price escalation, but pleasingly, compelling gains were also made at the finer end of the crossbred segment. Purchasing activity saw the two most influential and largest operators strike the offering and top the buyers lists. Australia’s largest wool trader and China’s largest indent buyer were dominant in the sale rooms, and combined totals saw them acquire around 38% of the Merino fleece sold. By the close of selling the AWEX Eastern Market Indicator (EMI) settled at a new record of 1522ac clean/kg by registering the 22ac weekly gain. In USD terms, the EMI retracted by 4usc to 1144usc clean/kg on the back of a 2% weaker Australian dollar against the US dollar.
Week Ending 3 March (Week 35)
Australian wool auction markets surged further into record territory again this week as buyers took to the selection on offer with gusto. Widespread belief in the price abounded pre sale, as many trade participants reported most of, if not all, stock lots being held by exporters and Chinese based traders selling at full market rates. All destinations were keen to take whatever was available. India and Italy were interested, but it was mainly the wool starved mills of China that were hitting the exporters up for quantity. As a result of the intense trading action, all wool sectors appreciated by varying margins which saw the market lift 51ac clean/kg to the highest ever level in the AWEX Eastern Market Indicator (EMI) of a neat 1500ac clean/kg, a 3.5% weekly gain.
Week Ending 24 February (Week 34)
This week at wool auctions was relatively uneventful. A stable commencement was followed by a mid week rise and then a final day of consolidation. Prices remain in very high percentile bands across the entire Merino sector. Buyer purchasing intensity remains high, and reports of new business being written is a daily occurrence. The Eastern Market Indicator (EMI) continues to reach new high levels and topped out the week at 1449ac clean/kg, a 9ac or 0.63% gain. In USD, the EMI added 3usc to 1114usc clean per kg.
Week Ending 17 February (Week 33)
Record highs ended the week at Australian wool auction markets during a series that saw prices resisting adverse currency fluctuations and initial reticence by overseas bidders to pay higher levels. Tuesday was a standalone sale which consisted of a nice selection of Tasmanian wool sold in Melbourne. Most types were in the super-fine Merino segment. Prices were all quoted as being dearer for wools finer than 18 micron and slightly off the boil for 18.5 and broader. This proved to be the trend for the rest of the selling week. The Crossbred offering started on Wednesday and it was clear from the outset that all types and descriptions would continue the reversal of their season-long woes. Prices pushed higher for the second consecutive sale and added to the improved clearance rate, but crossbred wools are still topping the passed- in rates as some growers continue to resist the levels being offered.