Australian wool auctions this week followed along the same trend as has been seen for the past two or three weeks. Super fine and fine Merino types remain well sought after whilst the medium Merino types continue to drift. Crossbred wools are still struggling to find a stable level of trade, but the carding sector is enjoying good times and prices continue upwards under strong demand. Within all these minor adjustments to wool values, the AWEX EMI (eastern market indicator) barely moved and concluded the series of sales this week at 1522ac/clean kg or 3ac lower.
Those buying in USD (US Dollars) were the major beneficiaries of the week's activity with the USD EMI 2% lower at 1189usc/clean kg. This reduction was due almost entirely to the USD v AUD forex (foreign exchange) rates being favourably lowered by 1.9% week on week. Rather than the AUD being weak, it was the strength of the USD against the AUD and most other major currencies that produced the significant change.
Click here to access AWI's Wool Weekly Market Report (PDF 983 KB)