After suffering the longest losing run since November 2003, the Australian wool market has finally recorded positive movement in Week 42. This was the final buying and selling opportunity until Week 44, due to Easter recess scheduled for next week.
Due to the upcoming break, quantities increased as many sellers were keen to offer their wool.
The final national offering was 42,065 bales.
Also occurring in Week 42 was the annual Sydney Royal Easter Show Feature Sale, this event showcases the Australian wool industry to the wider community.
The sale also included three certified 1PP speciality lots, the pinnacle of Australian wool production, congratulations to the growers of these wools. Due to the upcoming break, buyer sentiment could best be described as aggressive as they attempted to secure meaningful quantity whilst available.
As in recent sales the main buyer focus was on the higher yielding wools, and these types generally sold at levels slightly above those achieved at the previous sale. The lesser style wools were well supported but not to the same extent as the better types, pushing these wools down for the series. It was the reduction in these lesser wools which was the contributing factor to the lowering of some Micron Price Guides (MPGs), particularly in the finer microns.
The AWEX Eastern Market Indicator (EMI) gained 7 cents for the series, closing the week at 1,943 cents. Worth noting, due to currency movements the EMI recorded a larger gain when viewed in US dollar terms, rising by 11 USc for the week. The crossbreds have continued their upward path, the main gains were felt in the 26.0 to 28.0 micron range, the 28.0 micron MPG recorded a new record in both Eastern centres. As previously mentioned, next week is a recess week, sales resume on the week beginning Monday 29th of April.