The Australian wool market has continued to climb overall, generally adding further increases to those experienced in last week’s series. The strong finish seen in the West at the end of last week, where some of the individual Micron Price Guides (MPGs) finished above the East, carried into the series opening in the Eastern centres.
Buyer sentiment was strong from the start, and it was evident from the first few lots, that solid price increases were on the cards for the day.
By the end of the first day the MPGs in Sydney and Melbourne had risen by between 9 and 57 cents. In the West the increases were smaller (between 0 and 10 cents) as the West generally started from higher opening levels.
With positive movements across all sectors, the AWEX Eastern Market Indicator (EMI) gained 19 cents for the day.
The EMI has enjoyed a small upward run, the EMI rose for the previous five selling days, adding 41 cents across these sales. The last time the EMI had a longer sequence of positive movements was back in June 2022, when the EMI rose for six consecutive selling days.
The second day the market was more subdued, losing some of the first day gains.
In the merino fleece, the MPG movements nationally were between plus 2 and minus 30 cents.
The EMI dropped 5 cents for the day. The EMI closed the week 14 cents higher at 1,172 cents.
Minimal currency fluctuations this series, meant that the upward market movements were driven more by buyer demand rather than currency.
The EMI also rose in USD terms, closing the week 21 US cents higher at 764 cents.
The AWEX Four Week Forecast shows the national offering reducing over the coming weeks.
Next week there are currently 41,433 bales on offer in Sydney, Melbourne and Fremantle.
Table showing wool prices for Season 24, Week 43
Graph showing Eastern Market Indicator (EMI)
For full details of auction sales, download the reports below.
