The Australian wool market has fallen again this series, although the downward slide was halted later in the week.
The market opened softly and by the end of the first day, losses in fine merino fleece types were the major factor in the overall market fall. The individual Micron Price Guides (MPGs) for 18.5 micron and finer fell by between 15 and 59 cents.
The AWEX Eastern Market Indicator (EMI) dropped 8 cents for the day, the twelfth consecutive selling day where the EMI did not manage an increase.
The second day of selling was mixed, however buyer sentiment was stronger and increased as the day progressed.
In the East the merino fleece MPG movements ranged between plus 20 and minus 25 cents. While in the West, which sold last, there were positive movements across the board of between 4 and 16 cents.
There was little change in the other sectors, so the overall movements were enough for the EMI to finally record an increase, albeit by the barest of margins. The one cent lift in the EMI was the first positive movement since the 9th of January, when the EMI added eight cents for the day. The positive tone evident, particularly late in the day, carried into the final day stand alone Melbourne offering.
The Southern MPGs all closed the day higher, the only blemish was the 21 micron MPG which fell by a single cent.
As it was only Melbourne contributing to the EMI, the 2 cent rise in the Southern Indicator was enough to push the EMI up by one cent for the second successive day. Strong interest in the oddment sector helped to push prices higher for the third consecutive series.
Next week the quantity is expected to rise again. There are currently 44,049 bales rostered for sale nationally, Melbourne again requiring three selling days.
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