Week 41 - April 2024
Eastern Market Indicator (EMI)
Eastern Market Indicator (EMI)
Microns
AWEX Auction Micron Price Guides
Sales held Tue 9th Apr, Wed 10th Apr & Thu 11th Apr 2024
Offering (Aust. Only)
Offering (Aust. Only)
Sales Week 41: 12th April 2024
Currency Movements
Currency Movements
Sales Week 41: 12th April 2024
Forecast
Forecast
Scheduled Australian Wool Auction Sales
AWI Commentary
The opening sales following the one week recess was met with a substantially stronger USD (+1.5% on first two selling days) against the AUD. This saw the Australian wool auctions commence under a softer tone leading to losses across all types and descriptions.
Under the cheaper market conditions on the opening day, Chinese top makers took full advantage of the hesitancy from traders and dominated the purchasing lists. The second selling day had prices firming up and starting to turn upward . This resulted in traders confidence lifting slightly which transferred to better purchasing intent making for a solid market.
That better atmosphere at local auctions then shifted to overseas buyers overnight Wednesday which saw a much stronger market on the solo Melbourne sale on Thursday. All prices lifted with particular attention and competition placed onto the 18 to 21 micron Merino types. Gains of up to 20ac were commonplace by the close. Much of this came about due the sudden drop in the AUD value against the USD which dropped the 1.5% from the previous days. Traders dominated buying.
Australian wool production continues to come under downward pressure evidenced by the latest key test data release from the AWTA (below). The substantial drop for March (-22.4%) led to the seasonal figures dropping towards 3% less volume tested.
Next week sees the IWTO congress being conducted in Australia but sales will continue with over 46,000 bales up for sale Tuesday and Wednesday.
