In a three day sale in Sydney and Melbourne, the AWEX EMI, decreased by 1¢ on Tuesday, by 8¢ on Wednesday and by 4¢ on Thursday. The Western Indicator, in a two day sale, decreased by 9¢ on Wednesday and by 2¢ on Thursday.
In the largest offering to date, the weakness seen at the last week's close carried over to this week with the EMI dropping to its lowest level of the season under downward pressure from Chinese buying interests. This was particularly so in the South. The one shining light being a firming of the market yesterday after an uncertain start to the day.
AWEX Indicators dropped over all micron ranges, with the 18 to 19.5 micron and the medium and broad Merinos most affected. There was strong support for the better styled wools, as seen in support for the New Zealand wools in Melbourne.
Skirtings remained firm in the North and the South, but weakened in the West. Crossbreds had a mixed week, holding firm in the North, but losing ground in the South on Wednesday before recovering yesterday. Oddments generally made gains throughout the week.
Buyers for China and the topmakers were dominant with the New Zealand Merino offering in Melbourne on Tuesday attracting strong support from buyers for Italy.
Sales will be held in Sydney and Melbourne, when 52,475 bales are currently rostered for sale. Fremantle will be in recess. The current forecasts over the following three weeks show likely offerings of 65,000 to 67,000 bales.
In South African sales this week, their market was quoted as unchanged, on a lower Rand.
Australian Wool Innovation Limited
marketing@alchempro.com
