Weekly Market Report
Mark Dyson, Managing Director
Full market reversal
22 November 2019
With losses across the entire Merino range, the Australian wool market experienced a full reversal of last week’s gain in the AWEX Eastern Market Indicator (EMI), finishing 19 cents lower at 1555 cents per kilogram clean.
A weak finish in Fremantle late last week filtered through to the opening of the Eastern markets this sale, with 19.0 micron and coarser recording the largest reductions.
The individual Micron Price Guides (MPGs) for these wools fell by 8 – 35 cents in Sydney and Melbourne on Wednesday and continued to drop as the day progressed, falling by 22 – 44 cents in Fremantle late in the day.
The softer tone carried into Thursday where the market continued to track downward, albeit at a more subdued rate than the previous day.
The individual MPGs in the Eastern centres were mostly 10 – 20 cents cheaper, although the broader ranges of 21 – 22 microns showed some promise to close marginally higher.
Fremantle continued this trend and ended the week on an encouraging note, firming five cents clean dearer for most microns.
Merino Skirtings continued to find good support and closed ahead for the better types, particularly in the finer microns.
The Merino Carding Indicators had mixed results depending on the region but were in line with last week, while the Crossbreds were slightly cheaper.