Wool season ends on a low

27 Jun, 2014 04:15 AM
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It's the lowest closing figure since 2010 and the third consecutive season-on-season drop.

THE wool market has closed the 2013/14 season on a slightly positive note, with the Australian Wool Exchange (AWEX) Eastern Market Indicator (EMI) recording a 1 cent rise to finish at 1022c/kg.

The lift, while small, arrested a three-week run of losses.

However, when compared to the previous season, the EMI registered a 25 cent loss, the lowest closing figure since 2010 and the third consecutive season-on-season drop.

Compared to last week’s sale, this week saw an additional 7496 bales offered to total 30,953 bales, due to Fremantle resuming auctions.

While two sale-weeks still remain before the annual three-week recess, this sale marked the end of the 2013/14 season.

This week saw an initial dip followed by a recovery.

AWEX senior market analyst Lionel Plunkett said the one-day Fremantle sale closed in the red on Wednesday, however this was compared to their previous sale held a fortnight earlier.

“On the east coast the EMI was 1 cent lower, however there were green shoots appearing and some of the medium/broader range managed to firm slightly,” Mr Plunkett said.

“This trend was confirmed on Thursday when these was a widespread lift in prices.

“Most microns were around 5 cents higher, pushed ahead not only by consistent support for the better types, but also a shift in sentiment towards the lower spec types which lifted 5 to 10 cents.

“The 2 cent EMI increase on the day halted an eight-day falling trend.”

He said Merino skirtings traded at similar rates to last week, with good support noted for best length/low vm (3 per cent vm) types.

Crossbreds gave up some ground this week, especially in the finer 25/26-micron range.

Merino Cardings closed ahead after firming on the final day.

AWEX reports almost 40,000 bales are expected next week, the largest sale in seven weeks.

AWEX

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