The AWEX EMI concluded the week’s auction sales in Australia at 1131c, marking a 4c increase. Out of the 44,690 bales that were put up for sale, only 88.9% were successfully sold to the trade. The beginning of the week showed a more favorable market outlook, with exporters actively participating and pushing Merino MPG prices up by as much as 35c on the first day, contributing to a 9c rise in the EMI. However, the market experienced a slight retraction on Wednesday as exporters aimed to cover their sold positions, resulting in a 5c decline in the EMI and erasing most if not all of the gains made in the preceding days. Merino Fleece wool was influenced by a substantial offering of superfine wool types. Despite anticipation, the prices for the superfine segment didn’t rise as expected. Although well-classified and specified lots received competitive bids, overall prices were indicative of a lack of demand within the industry’s supply chain. Lots featuring qualifiers like color variations, cotting, and high vegetable matter content were prevalent among pass-ins in the merino combing sector, given that purchasers had numerous suitable options to fulfill their orders. |
| Crossbred oddments remained challenging to sell, with a significant number of prices falling below the 100c mark.
Looking ahead to the next week, a total of 45,537 bales will be offered across all three auction centers. The market’s primary constraint continues to be the economic challenges faced by major wool customers, which is likely to result in the EMI staying within a 10c range for the upcoming week. -Marty Moses |