Gains were typically between 30 and 80 cents across better Merino fleece lines at all three selling centres, according to the Australian Wool Innovation (AWI).
“Tempering the large gains was the true indicator of demand, the EMI in US dollar terms as it fell 10 cents to 797usc clean/kg, showing the influence foreign exchange has on the trade,” the AWI said in its commentary for the week 15 of the current Australian wool marketing season.
“The Australian dollar fell sharply lower across this trading week, falling to 62.50 US cents at the close of trade, this is a drop of 2.86 cents or over 4 per cent relative to the close of Week 15. Such volatility does not instil confidence for those operating in the trade,” the AWI commentary added.
Nevertheless, marginal gains in domestic terms were also seen for broader wools with lifts of up to 20 cents while Merino carding prices remained relatively steady.
“The smaller volumes of wool coming onto the market for this time of year are set to continue given the massive disruption in wool supply due to the ongoing flooding in many wool growing regions,” the AWI said.
At the next week’s auctions, 35,442 bales of Australian grown wool are expected to be on offer across the three selling centres.
ALCHEMPro News Desk (RKS)
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