Week Ending 24 November (Week 21)
After last weeks’ consolidation at Australian wool auctions, the market found itself on a cheapening trend by the close of selling for the week. This price retraction was evidenced across most of the offerings, with the carding sector the only segment to escape the down-turn. Large volumes on offer this week, and the next three, as well as substantial pressures on access to finance were the talk of the week. These factors were the predominant causes that set the market into reverse for the time being.
Week Ending 17 November (Week 20)
Following on from the recent outstanding gains in wool values, Australian wool markets generally consolidated around ruling price levels. The main competition in the Merino sector came again from the largest locally based trader/exporter fighting fiercely for volume against the largest Chinese indent buyer. This strength of purchasing saw over 36% of the available volume head into just these two company’s inventory. The crossbred lift unfortunately hit the wall this week and the huge gains of last week diminished throughout selling. Cardings performed admirably once more and advanced further skyward.
Week Ending 10 November (Week 19)
The bull run at Australian wool markets extended further into this week as price gains actually accelerated in pace relative to previous weeks. The trend favouring Merino wool was broken this week as all wools on offer were caught up in the sentiment. Some staggering percentage gains were achieved in the carding and crossbred sectors while Merino types continue to forge ahead relentlessly. When the smoke settled from the fierce purchasing activity on all wool descriptions, the trade witnessed another all time high weekly closing price. The AWEX EMI (Australian Wool Exchange - Eastern Market Indica-tor) soared 58ac for the week and eventually registered a new record level of 1681ac clean/kg at the cessation of sales for the week.
Week Ending 3 November (Week 18)
The momentum of demand for Australian wool extended further into this week across all wool auction markets. Gains were spectacular and of great magnitude, with the superfine Merino fleece and cardings sector the standout performing types. Perhaps most welcome though was the recovery in price of all crossbred wools on offer, ending their 3 week decline. The spirited bidding evidenced in all sale rooms saw records tumble throughout the week, and a record AWEX EMI (Australian Wool Exchange - Eastern Market Indicator) was set as the EMI soared 45ac/ clean kg to close at an all-time high of 1623ac kg.
Week Ending 27 October (Week 17)
Demand for Australian Merino wool has gained further momentum with strong price gains across all Merino types at wool auctions this week. Unfortunately the same is not the case for our crossbred wools which faltered once more with prices diminishing on almost all of the offering. All carding wools continued the recent advancement and interest in these types appears insatiable at present with prices well over 1200ac on the indicators. Whilst initially 5ac lower for the first half of the week, the AWEX EMI (eastern market indicator) surged strongly through to the close on the final day to post a healthy 10ac clean/kg rise for the week. The EMI closed at 1578ac/clean kg which is 247ac higher than at the same time last year.
Week Ending 20 October (Week 16)
Australian wool auctions on the surface appeared to be rather mundane this week, but some vastly differing results were recorded across the wool type spectrum. Demand picked up on super fine Merino and cardings, causing positive price movement, whilst the broader than 19 micron Merino and crossbred sectors all suffered a slowing in interest and negative price impacts in reaction to the strengthening AUD (Australian Dollar) versus the three major wool trading currencies of the USD (US dollar)/CNY (Chinese yuan) /Euro exchange rates. The AWEX EMI (eastern market indicator) did manage to pick up 2ac though and closed the week out at 1568ac/clean kg.