AFTER a softer start to the week, auction prices rose by a further 1.1pc on average, at sales in Sydney, Melbourne and Fremantle last week.
The AWEX EMI gained 5c (0.5pc) to finish last week at 979c/kg clean. This reflected increases of 0c in the North and 11c (1.1pc) in the Southern market, with their corresponding Regional Indicators ending the week at 983c/kg and 976c/kg clean respectively. The sale in Fremantle saw the Western Region Indicator gain 22c (2.3pc) to close at 964c/kg clean. The EMI is now 57c above where the market closed three weeks ago.
In the biggest sale of the current season, 76,329 bales were offered for sale with 6.7pc passed in, comprising 7.2pc in Sydney, 6.1pc in Melbourne and 7.1pc in Fremantle.
As expected by many, last week started on a softer note, with prices easing across all micron categories and the EMI falling by 7c. However, this was quickly reversed over the next two days when the EMI picked up 3c last Wednesday and 9c last Thursday. Currency was fairly steady during the week, the A$ closing at 55c, 0.5pc down on Thursday, September 12.
The 'recovery' was across all micron ranges, with the 25 Micron Indicator in the south reaching 1007c yesterday.
Demand was well spread around good support from the topmakers and evidence of business being done for Europe and China. In the case of China, there are reports of serious concern at the current price levels.
Auction sales continued this week in Sydney, Melbourne and Fremantle with 63,500 bales currently rostered for sale.