A reduced selling week of just two days at Australian wool auction centres saw the market react positively against the back drop of the greatly reduced volume put up for sale. By week’s end just over 32,000 bales had been traded through the system, which must be one of the smallest trading weeks for quite some time. Year on year figures are showing a reduction in the clip of around 2.7% having been offered to the trade, which is in the ball park of the forecast figure reported by the AWPFC prior to the commencement of the selling season. An Aussie dollar trading in the AUD:USD 0.87 range certainly added some impetus of the generally stronger local prices, but an expected further weakening of our exchange rate due to poor Chinese manufacturing figures somewhat retarded forward operators obtaining sales into the near and distant future.
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