Some commentary pointed to traders being unable to commit to all the new business available, so indents were expected to be an additional positive influence on price outcomes.
Indian and European contracts remained outstanding and additional business also became available from those areas. First stage processors were interested on all types and as such, a highly competitive market ensued. All buying sectors from all global destinations were active and the resultant market was one of the keenest and hard-fought weekly auction series seen for some time, the Australian Wool Innovation (AWI) Limited said in its commentary for the sale week 31 of the current wool marketing season.
The Eastern Market Indicator (EMI) concluded this week 42ac or 3 per cent higher to close at a season high of 1449ac/clean kg. In fact the AUD EMI finally pushed above the market basis of March 2020 which was the start of the negative COVID impact upon wool markets. In USD terms the EMI went 0.5 of a per cent higher, as the AUD forex rate recovered against the USD. The USD EMI finished at 1032 usc/clean kg, a 3.5 per cent gain.
The Western Market Indicator (WMI) gained 37ac for the week and closed at 1492ac/clean kg, but interestingly the last day saw a pullback of 10 to 20ac on most of the Merino fleece offering which was in stark contrast to the rises in the East posted earlier that day.
Merino fleece and skirting types traded generally 40 to 60ac higher with better specified wools finer than 19 micron verging on 100ac dearer on an individual lot basis. Crossbred wool and carding types traded 25ac dearer. Traders and indent operators dominated buyers lists with European interest on better crossbred types assisting price gains on that sector, the AWI commentary added.
Next week sees 48,000 bales to be offered on Tuesday and Wednesday.
Fibre2Fashion News Desk (KD)
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