A strengthening dollar and higher supplies into the market sent Australian wool prices into a negative zone, following consolidation of wool prices in the last few weeks. Although the wool market was not affected much, the higher supply of wool however, released the pressure valve on buyers, both local and overseas, as prices fell by around Au 25-30 cents.
The Eastern Market Indicator (EMI) closed at 1,303 cents per clean kg, a weekly reduction of 28 cents per clean kg.A strengthening dollar and higher supplies into the market sent Australian wool prices into a negative zone, following consolidation of wool prices in the last few weeks. Although the wool market was not affected much, the higher supply of wool however, released the pressure valve on buyers, both local and overseas, as prices fell by around Au 25-30 cents. #
According to the AWI report, the extra quantities on offer allowed a controlled reversing trend to be applied, as sellers showed no desire to hold onto their wool stocks and also not accept the price.
Players in the market however believe that the market is on the drift just for a short period as the volume available in the market is being absorbed prior to a consolidation, leading into the three week Christmas recess. (AR)
ALCHEMPro News Desk – India
marketing@alchempro.com
