The Australian wool market has continued its wild ride this week, this time going down and up within the series. The market opened in the Eastern centres with immediate losses and continued to soften. By the end of the day the individual Micron Price Guides (MPGs) had fallen by 9 to 51 cents, 18.0 micron and coarser most affected. On the back of these losses the AWEX Eastern Market Indicator (EMI) lost 27 cents for the day.
Selling last the MPGs in the Fremantle region recorded larger losses of between 51 and 69 cents. Worth noting however, in the final 25 minutes of selling, there was a noticeable increase in buyer demand and therefore price. This increased demand flowed into the second day, resulting in the market slowly improving. The merino MPGs across all three centres rose by 5 to 15 cents.
The EMI only added 1 cent for the day due to the negative movement in other sectors of the market. The EMI lost 26 cents for the series, closing at 1,517 cents. The crossbred sector was the worst performing sector for the series, the crossbred MPGs fell by 7 to 55 cents, with 28.0 to 30.0 posting the largest falls. The skirtings followed a similar path to the fleece, losses on the first day followed by small increases on the second. The reduction in the crossbred MPGs on the second day of 20 to 30 cents prevented the EMI from recoding a larger gain than it did.
The oddments were the best performing sector of the week, recording minimal change for the series. This was reflected in the three carding indicators which lost an average of 5 cents.
The national offering reduces for the following week, currently there is 32,970 bales rostered for sale in Sydney, Melbourne and Fremanlte. Due to lack of quantity Sydney will hold a one-day sale, selling on Wednesday.