Australian Market Surpasses February’s Record High
The Australian Wool market has continued its upward trend, rising for the third consecutive week. Despite the selection again consisting of a large number of poorer style, lower yielding wools, buyer sentiment remained high as lack of supply in the coming months continues to be a concern.
It was an unusual selling pattern of Tuesday and Thursday sale days, due to the Anzac Day holiday. On the first day of selling, aggressive buying pushed prices higher. As a result, the Benchmark Eastern Market Indicator rose by 22 cents, finishing the day at 1,847 Australian cents and easily surpassing the previous record of 1,834 cents set in February of this year. On the second day of selling, buyers became more selective in their purchases, pushing prices down.
Despite the fall in the price of merino wool, the EMI lost only 1 cent due to the steep rise of the crossbred sector. Interestingly, despite the overall increase in prices, due to currency movements, buyer’s purchases were actually cheaper for the week when viewed in U.S. terms. This was reflected in the EMI falling by 27 cents when viewed in U.S. cents.
The skirtings also managed rises of between 20 and 40 Australian cents. Wools carrying less than 3.0 percent vegetable matter and those with favorable additional measurement results recorded the largest gains. The crossbred sector continued its upward rise, posting its fourth consecutive weekly increase.
Twenty-five through to 30.0 micron, sold at levels 50 to 150 Australian cents above those achieved at the previous sale. The large increases pushed the Micron Price Guides for 25.0, 26.0 and 28.0 into record territory. The oddment market rose for the fifth consecutive trading week. All types and descriptions generally sold at levels 5 to 10 cents above those achieved at the previous sale, wools finer than 18.0 micron were the most affected.
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