Market Report Week 29 - January 2024 | Australian Wool Innovation
Eastern Market Indicator (EMI)
Eastern Market Indicator (EMI)
Microns
AWEX Auction Micron Price Guides
Sales held Tue 16th Jan, Wed 17th Jan & Thu 18th Jan 2024
Offering (Aust. Only)
Offering (Aust. Only)
Sales Week 29: 18th January 2024
Currency Movements
Currency Movements
Sales Week 29: 18th January 2024
Forecast
Forecast
Scheduled Australian Wool Auction Sales
AWI Commentary
Wool prices in Australian dollar (AUD) terms held on quite well under the heavy weight of wool on offer at this week’s Australian auctions. The underlying factor though was those relatively minimal losses came about on the back of the largely depreciating AUD against most major trading currencies.
When expressed in other foreign currency denominations, the market fell in the range of 3% to 4% in general, compared with the 1.4% loss on local value indicators. Whilst this represented a 17ac loss on the leading AU indicator, without the forex movements, that loss could in theory have doubled.
The Merino fleece sector of the market was where most of the losses occurred. In complete contrast to last week, the largest falls were in the 18 micron and finer super fine and ultra fine Merino fleece wools and were in the order of 40 to 70ac. The mid micron Merino fleece of 18.5 to 21 micron saw 20 to 30ac losses. Skirtings remained under good competition throughout and sold firm, whilst crossbred and carding types sold very firm to 10ac dearer, defying the general market trend.
Despite the lowering bid prices available, growers offering their clip up for auction generally kept to the intent to sell, witnessed by the relatively low passed in rate of 7.9%. Most of that passed in wool was within the Merino fleece sector in both the Melbourne and Fremantle centres.
Two of China’s largest top makers featured at the top of buyer’s lists for combing types, with very strong support again coming from Australia’s largest exporter. Next week will sell just 2 days Tues/Wed but almost 42,000 bales will still be offered.
