The Australian wool market has continued to deteriorate, recording losses for the third consecutive week. Better style wools with favourable additional measurement results, were least affected by the falling market, generally selling at levels 20 to 30 cents below those achieved in the previous week. Lesser style wools, wools with poor additional measurements and those carrying higher levels of vegetable matter, did not fare as well, as buyers continually discounted their price levels on these wools.
By the end of the series these types had generally fallen by 50 to 80 cents. The drop in these lesser types was the driving force behind the reduction in the individual Micron Price Guides (MPGs), which fell by 26 to 72 cents across all three centres. On the back of these losses the AWEX Eastern Market Indicator (EMI) lost 38 cents for the series, closing the week at 1,492 cents.
The EMI has now fallen for seven consecutive selling days, losing a total of 105 cents over this period. When compared to the corresponding sale of the previous season the EMI has dropped 357 cents, a fall of 19.3%. Sellers across the country were reluctant to accept the reduced-price levels, the national passed in rate was 20.4%, this was 6.2% up on the previous series. The large number of passed in lots adds to the continually growing stockpile of wool being held in brokers stores. The oddment sector was the only shining light in an otherwise dim market, managing to record minimal positive movements. This was reflected in the three regional carding indicators that rose by an average of just over 2 cents.
With only two selling weeks left before the annual three-week Christmas recess, quantities traditionally increase for the final two sales. This year is no different, the national quantity increases to 48,451 bales, with Sydney, Melbourne and Fremantle all in operation.