The Australian wool market has recorded an overall positive movement this week, for the first series since the beginning of March (Week 36), with the series again heavily influenced by currency movement.
Of interest this week, the annual International Wool Textile Organisation (IWTO) Congress was held in Adelaide. The IWTO Congress is “the annual gathering of the entire wool industry, connecting farm and fashion and attracting the most influential players within the global wool and textile industry”.
The national offering fell by 6,468 bales, with 43,680 bales available to the trade.
This smaller offering has pushed the year on year total below last season for the first time since September.
There have been 7,614 fewer bales put through the auction system compared to the previous season.
The market was driven by solid increases in the merino fleece types.
This was reflected in the Micron Price Guides (MPGs) across the country, which rose by between 8 and 53 cents, the largest rises were felt in the north and west, as these centres were yet to realise the gains recorded in the stand alone Melbourne sale of last week.
With positive movements also recorded in the skirting, crossbred and oddment sectors the AWEX Eastern Market Indicator (EMI) added 16 cents for the series, closing at 1,158 cents.
As mentioned earlier, a weaker Australian dollar (the AUD lost 0.98 cents since the close of the previous series) meant when viewed in US dollar terms, the EMI closed marginally lower.
The EMI fell by 1 US cent for the week, closing at 743 cents.
The higher prices on offer were welcomed by most sellers, resulting in just 3.4 per cent of the national offering being passed in.
This was the lowest passed in rate for the season. Next week’s offering is of a similar size.
There are currently 44,356 bales on offer in Sydney, Melbourne and Fremantle.
Table showing wool prices for Season 24, Week 42
Graph showing Eastern Market Indicator (EMI)
For full details of auction sales, download the reports below.
