Wk 33 11/02/2016.
The AWEX EMI reversed a two week negative trend to close the week with a 19c recovery, with the EMI closing on 1,284c.
The smaller offering and pressure on the AUD assisted the market post the positive result, with the Merino fleece sector attracting renewed competition and rising around 30c. Tuesday’s Tasmanian offering was described by exporters as stylish, which attracted good competition especially on the best style fine and superfine offering.
Merino Skirtings were between 10-30 dearer with best style and low VM types most affected. Crossbreds had a mixed week; however price pressure persisted in the carding sector with the MC indicator washing off another 10-15c.
Forward prices reflected the positive prices with a number of bidders meeting the offers in the front months micron front months at minimal discounts to spot. There was some buying interest in the Spring as well which was snapped up by opportunistic sellers. The week’s result has renewed hope for a post Chinese New Year price revival.
~ Marty Moses