Wool market slips another 3c/kg

Wool market slips another 3c/kg


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Wool prices have softened in the past week under pressure from auction results in Melbourne.

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WOOL prices have softened in the past week under pressure from auction results in Melbourne.

At the close of markets on Thursday the Eastern Market Indicator was on 1522 cents a kilogram, back about 3c/kg on the same time a week ago.

Australian Wool Exchange market information manager Lionel Plunkett said Melbourne opened proceedings on Tuesday with a stand-alone sale.

As a result the EMI only took into account the Southern Region and following a 9c/kg fall in the Southern Market Indicator, the EMI dropped by 6c/kg to 1519c/kg.

It was only with the influence of the Sydney sales later in the week that the EMI managed to recover some of Tuesday’s losses.

Mr Plunkett said there had been much anecdotal evidence of a high occurrence of recently shorn wools carrying large mid-breaks and figures compiled backed this up.

“This week over half of all fleece wool on offer nationally was carrying a mid-break of 50 and above,” he said.

“With such a large percentage of the offering possessing these unfavourable results, discounts are inevitable and that is exactly what is transpiring.

“The discounts for these wools continue to grow as buyers struggle to average them into their purchases,” he said.

Mr Plunkett said the skirting market also had another up and down week.

The crossbred market lost further ground and in general terms price reductions of 10c/kg to 20c/kg were felt across the board.

In contrast the oddment sector continues to perform well.

“Another limited selection was keenly contested, pushing prices higher,” Mr Plunkett said.

The story Wool market slips another 3c/kg first appeared on The Land.

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