Merino Skirtings opened down 10-20c on the December closing levels but as exporters gained confidence, the early price falls turned into a fully firm market for the skirting selection. Buyers aggressively chased the best style, low VM and well specified lots.
The AWEX EMI closed on 1333c – up 6c as auction sales resumed after a three week recess with 50,509 going under the hammer with a creditable clearance rate of 88.8% in the opening sale.
Brokers entered the sale rooms on Tuesday with the early market intelligence predicting the market to open slightly cheaper compared to the December 15 close.
Exporters reported business being transacted over the three week recess into China and India. The market opened in line with the intel recording slightly weaker levels early on Tuesday.
Wednesday’s market seem to have a more confident tone which converted into a positive result for the EMI. With follow on business forthcoming on Wednesday evening, the markets momentum escalated as the week progressed into Thursday.
From last sale the Foreign Exchange rates saw the AUD rise to 69.11c – up .63c since December 15th taking the EMI up to 921USc – up 13 USc.
Merino Fleece opened on Tuesday as you would expect with exporters being very selective in the opening ½ hour. From that point on, the finer MPG’s progressively strengthened, especially on the best specified and prepared lots.
At the end of Tuesday’s auction, most MPG’s remained within 5-15c of the previous market levels with the exception of fleece lots coarser than 19.5µ which posted 20-35c losses on the day.
Wednesday saw the market continue to gain confidence adding another 5-50c to the finer MPG’s. The exceptions to this once again were in the 20-21µ range.
We are currently experiencing some of the highest yields on record for our district and coupled with extremely low VM this means the catalogues are suitable to a wider number of orders. The large Australian Based Traders and Chinese Topmakers dominating the purchasing. |
