Australian wool markets mirrored the downturn that was registered last week but a rather stunning reversal of fortune to the positive on the final day gave cause for some optimism. Despite the rally on the final day of selling, all Merino types were being quoted at a very general 60ac/clean kg lower level for the week. The carding segment became embroiled in the weakening market and recorded a general fall of 40ac/clean kg whilst the crossbred sectors was again far less affected and remained firm to 10ac dearer.
The AWEX Eastern Market Indicator (EMI) fell away 43ac clean/kg or 2.8% to 1459ac/clean kg. When measured in US cents the EMI fell away even further by 4.4% to the 1100 usc/clean kg level. This lower value in the US EMI will surely entice those overseas using US dollars to buy back into the market.
Click here to access AWI's Wool Weekly Market Report (PDF 633 KB)