Wool auction sales in Australia showed a surprising resilience to volume pressure this week, as prices mostly held their ground around current levels. The week was initially met with some trepidation by buyers and exporters faced with the prospect of up to 60,000 bales having to be financed as the Chinese headed into their New Year period. Whilst the market certainly opened weakly at the standalone Melbourne sale, some stiff resistance to further falls was in play for the rest of the selling week as it became clear that the big rostered quantity was failing to materialize. A little over 52,500 bales was eventually offered, which represented an 11% reduction from the rostered quantity. The EMI (Eastern Market Indicator) lost a minor 2ac/clean kg to finish the week’s selling at 1090ac/ clean kg.
Click here to access AWI's Wool Market Weekly Report (pdf 440Kb).