The Australian wool market recorded overall positive movement. As many in the industry predicted that continued global uncertainty over the coronavirus outbreak, would push the market lower. These predictions did not come to fruition however, as the market opened strongly and then continued to strengthen as the series progressed. Main buyer interest was in finer wools and broader better style types, in particular those with favourable additional measurement results.
These wools generally sold at levels 40 to 80 cents above those achieved at the previous sale. Lesser style inferior types and those with poor additional measurement results did not attract the same buyer attention and lost ground for the series, generally between 10 and 20 cents.
The gains in the better wools was enough to push the individual Micron Price Guides (MPGs) higher for the week, with gains across the country of between 20 and 74 cents. On the back of these rises the AWEX Eastern Market Indicator (EMI) added 29 cents for the week, to close at 1,577 cents. The EMI has now risen for three consecutive selling days, adding a total of 57 cents over this period.
The skirtings also recorded rises for the series, all types and descriptions generally gaining 40 to 60 cents for the week. The crossbreds also managed general increases of 4 to 17 cents, the only MPG to record a negative result across the entire sale was the 26 micron MPG in Melbourne, which fell by 4 cents. Not to be left behind, the oddment sector also pushed higher, general increases of between 5 and 20 cents helped the three regional indicators to rise by an average of 11 cents.
The national offering increases next week. Currently, there is 42,932 bales rostered for sale with all three centres in operation. Melbourne will sell over three days to accommodate the extra quantity. Tuesday will see the sale of over 5,000 high quality Tasmanian bales, the highest offering in over 3 years.