The Australian wool market has continued to adjust downward. The national offering increased to 39,261 bales, this was the highest amount since Week 6, It was the superfine types that were hardest hit, the finer the micron the greater adjustment, 16.5 micron and finer were 90 to 100 cents easier, 17.0 to 18.0 micron were generally 40 to 80 cents cheaper. Strong demand for 19.5 to 21.5 micron, resulted in these types recording gains of 5 to 15 cents for the week.
The Eastern market indicator (EMI) lost 21 cents for the series, to close at 1,992 cents. The EMI has now fallen for three consecutive weeks, losing a total of 102 cents. It is difficult to attribute these losses to currency movements, highlighted by the fact, that when viewed in USD terms, the EMI over the same period has fallen by 93 USc/kg. Despite the EMI recording overall losses for the week, there were positive signs apparent later in the week. The Northern and Southern indicators were basically unchanged on the second selling day. Fremantle, which finished off the selling for the week, recorded overall
positive movement on the last day, pushing the Western indicator up a healthy 17 cents.
The skirting sector had a week of mixed results. Wool carrying less than 2% vegetable matter (vm) attracted spirited bidding, resulting in gains for the week of 20 to 30 cents. As the amount of vm increased, buyer demand decreased, causing prices to generally fall by 20 to 40 cents, lots with more than 8.0% vm most affected. Oddments continued to record further losses, prices generally fell by 35 to 50 cents.
Quantities reduce next week, currently there is 34,467 bales rostered for sale in Sydney, Melbourne and Fremantle.