Wk 08 24/08/2016. The AWEX EMI rose by 11c at auction sales in Australia this week, closing on 1309c.
The market was aided by a small offering (29,543 bales) as Fremantle sat out this week and the 1c fall in the AUD USD exchange rate also helped. The market opened somewhat cautiously on Tuesday, however the buyer sentiment improved steadily over the two day sale, with a noticeable strong final few hours on Wednesdays closing.
The Merino fleece sector performed well across all MPG’s with the best performing sector the 18-23µ in the Northern region and all sectors in the Southern region showed good increases as they struggled to align with the growing premium in Northern markets.
The Merino skirtings category posted solid gains between 10-20c with the best style and low VM types attracting bullish competition whilst the Crossbred sector lapped up the lower AUD increasing up to 25c for the week.
The Carding wool sector had an unconvincing result this week with slight increases measured in the Northern region whilst the Southern region was slightly cheaper on closing.
Next week sales resumes on Wednesday with a three-centre roster offering 42,108 bales. With the increase in both activity and price of the forward markets experienced this week, there is an underlying gradual emergence of optimism that this market will continue to post positive price results in the short /medium term. ~ Marty Moses
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