AWEX Eastern Market Indicator (EMI) has achieved gains in both Australian and US dollar terms with the market almost 20 cents higher than 12 months ago.
Wool auctions in Australia continues to obtain higher price levels, with the Merino sector wools being the most sought after with good gains of 1.5 to 2 per cent. Crossbreds and cardings were not neglected by any means, as those wools placed a further 5 to 15ac upon their previous values.
The weakening Australian dollar (AUD) against the US dollar (USD) was also a positive influence as rates went 0.8 per cent in favour of over-seas buyers. Contrary to the rising market levels and favourable currency, buyers and exporters reported a widespread lack of new business developments.
The indent buying orders from China were initially aggressive on Merino fleece, but declined as the auction progressed. This pull back put a shudder through the auction room, and towards the close, most buyers were reporting a market at 15 to cents lower on the last sections of the sale day.
Sydney was far stronger throughout on this final day and closed at levels 15 to 20 cents higher but that market had traded at least 15-20 cents below Melbourne on the first day of trade. Market alignment was more of the story arising from the opposing market results.