MARKET COMMENTARY SALE 7.
This market has taken another very big hit this week amidst new fears of a Global recession, slowed Chinese growth and a week of US financial market volatility.
The first South African wool auction for their Season has been boycotted, with buyers failing to turn up due to issues with Health Certificate technicalities following the FMD issues.
Our market on Wednesday opened up on a sour note finishing the day with the EMI dropping 112 cents and another 51 cents on Thursday. All types were affected, the EMI is presently at 1513.
We have also experienced another National record passed in rate of almost 36% which is the highest since 2003.
Next week, the National offering will be just 33,696 bales with the absence of the Western Region as they will enjoy a one-week recess.
The AUD/US exchange rate at the time of writing is $0.6791.