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Australian Wool Market Report from AWI

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Yet another historical week at Australian wool auctions which has seen the AWEX EMI (Australian Wool Exchange – Eastern Market Indicator) week-ending figure record broken again for the 12th time this season. The strong price surge of last week was seen and raised for all sectors of wool on offer, with all micron bands recording impressive gains.

This keen interest smashed the EMI through the 1700 ac mark to close at 1760ac, a lift of 61ac clean kg. This surpassed the previous record high of 1699ac level hit just last week. The major Forex (foreign exchange) rate used in wool trading, the USD, also jumped up this week, closing 1.6% higher. When isolated to just USD movements, the USD EMI gained 67usc/clean kg to close at 1349usc clean/kg or 5.25% stronger.

The market this week was full of anticipation as buyers and growers alike were interested in what the final week of selling for the calendar year would bring. The sentiment for the week was that prices still had room to grow, and from the start of selling, competition was high to secure bales before the Christmas break. With record high wool prices and many growers now entering a 6-8 month shearing pattern, there is some uncertainty regarding the availability for some wool types in the new year and so competition was high to secure them before the break.

The week began with a stand-alone Melbourne sale on Tuesday which saw an early indication to what the week might bring, as prices jumped +20-+30ac. By Wednesday, it was apparent that demand for all wool types had released the brakes and went on to comfortably exceed the sale results of the day previous. Incredible gains were recorded for superfine and crossbred wools as buyer interest pushed these micron bands up 40-60ac. However, it was fine wool that attracted the most heat, causing some staggering changes of +100ac clean/kg.

The EMI hit a high of 1765ac clean/kg. Thursday pulled the reigns back slightly as the market somewhat adjusted to the increases of earlier in the week. Superfine wools came off 10-15ac, fine wools -25ac while Cross-bred wools and Merino cardings added 5 go 10ac clean/kg on an already impressive week. The EMI came of just 5ac clean/kg to close Thursday at 1760ac clean/kg and finish the calendar year at a record level.

The fundamentals ruling the wool trade at present of growing demand, lack of global stocks in front of machines and affirmative consumer sentiment for wool items continues to remain firmly in play. This may well point Australian wool prices to further positive territory into the new year and see growers receiving just rewards for their efforts.

Australian wool auctions will now enter a 3-week selling recess over the Christmas break, and re-open at the beginning of January. AWI wishes you a very Merry Christmas and hope you have a safe and wonderful new year.

Source: AWI

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