prices remained steady on average at sales in
Newcastle, Melbourne and Fremantle this week when
buyers were presented with the largest offering
since sales resumed in January.
The AWEX EMI dropped 2¢ (0.2%) to finish
the week at 1158¢/kg clean. This reflected
a gain of 8¢ (0.7%) in the North and a
loss of 3¢ (-0.3%) in the Southern market,
with their corresponding Regional Indicators
ending the week at 1173 and 1145¢/kg clean
respectively. The Western Market Indicator lost
4¢ (-0.3%), finishing the week at 1143¢/kg
75,553 bales were offered for sale with 16.6%
passed in, comprising 16.7% in Newcastle, 15.8%
in Melbourne and 18.1% in Fremantle.
A number of people expected the market to start
strongly on the back of business done with China
at the end of last week. As it turned out, the
EMI remained unchanged on Tuesday, rose by 2¢
on Wednesday and remained unchanged on Thursday.
Thursday's performance was in spite of a half
cent rise in the exchange rate and the offering
of large quantities of very fine wool in Newcastle.
At 59.5¢, the US$ exchange rate is now
pushing the 60¢ barrier.
Further business was done with China during
the week. It appears that current orders are
largely being filled from stock, with the local
companies then replenishing their stock levels,
rather than purchases being made to fill orders.
With the last Newcastle sale of the season,
there was considerable activity from buyers
for Italy. Also noticeable were significant
purchases of fine wools for China. Much of the
fine wool purchased for China was of the less
stylish types resulting in a narrowing in the
price gap between these wools and the better
Good rain has been received over the last 24
hours in significant areas of South Australia,
Victoria and south west New South Wales. Many
falls of 30 to 50 millimetres were reported
at many locations with more to follow as the
rain moves east and north.
Sales continue next week in Sydney, Melbourne
and Fremantle with 63,400 bales currently rostered