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Australian Wool Market Weekly Report (WK14)

From:Nanjing woolmarket       Date:2020-10-09 09:22:41       Share:

After rising for the last three weeks, the Australian wool market was unable to continue its upward path this series, with almost all sectors of the market recording losses. The national offering increased to 31,022 bales, 7,762 bales more than what was available in the previous week. Although this week’s offering was larger, compared to the previous season there has been 9,549 fewer bales put through the auction system, a reduction of 2.9%. The merino fleece sector suffered the largest losses, the individual Micron Price Guides (MPGs) across the country fell by 20 to 95 cents. On the back of these losses, the AWEX Eastern Market indicator fell by 40 cents for the series, a loss of 3.9%. Due to currency movement, the losses when viewed in US dollar terms was slightly higher, a 30 US cent drop, which equated to a 4.1% reduction. The fall in price levels understandably pushed the passed in rate higher, 17.8% of the national offering failed to reach seller reserve, this was 15.2% higher than the previous week. On a positive note, despite the losses of this week, after rising for the last three series, the EMI recorded a positive movement of 67 cents for the month. This was a monthly increase of 7.2%, the largest monthly rise in the EMI since September last year. The skirtings again followed a very similar path to the fleece, all types and descriptions across all microns generally lost between 50 and 70 cents for the series. Although most crossbred MPGs fell for the week, the 26.0 micron MPG in the North was the only individual MPG to record positive movement, increasing by 10 cents. The oddments recorded mixed results, the Merino Carding Indicators (MC) lost ground in the South and West but increased in the North. Next week’s national offering increases again. Currently, there is 34,450 bales on offer.