MARKET COMMENTARY 10/10/19.
SALE WEEK 15.
The Australian wool market enjoyed an upward trend amidst current volatile and difficult times. This week in Sale 15, all selling centre realised price increases in Merino and Crossbred combing types on both selling days. Merino and Crossbred cardings lost ground to the tune of 20 – 40 cents. 6.7% of the National offering was withdrawn prior to sale. The reduced volume offered upward pricing pressure on the remaining offering.
The EMI closed on Thursday arvo at 1543 cents, 32 cents above last week’s market closing.
The total bales offered Nationally this week were 28,149 after around 2,025 were withdrawn from sale. 7.6% were passed in.
Next week in sale 16, the National auction offering is sitting at 40,056 bales.
The AUD/US exchange rate was sitting favourably at 67.46 cents at the close of wool sales.
It appears that some further confidence has been restored mainly on the back of progressive negotiations between U.S. and China. South Africa has also settled its wool market issues.
Please be in touch with any of our regional Managers for any of your wool market queries.