on the first day of selling, but this was quickly followed by a solid consolidation. Prices then commenced to rise towards the close, particularly across the FNF (Free to Nearly Free - less than 1% vegetable matter) Merino fleece wools of all qualities. Cardings remained in a negative trend though, but the rapid falls of past sales were largely contained to relatively minor daily losses. The AWEX EMI (Australian Wool Exchange Eastern Market Indicator) registered a 6ac clean/kg reduction for the week to close at 1738 ac clean/kg. In USD the EMI remained fully firm at the same level of 1398usc clean kg.
The market this week reflected more-so the operations of local buyers and reactions from overseas manufacturers almost immediately followed this stronger lead. Quite often the sale rooms are not the best identifier of global demand trends, but this week the positive sentiment of continuing and strong demand for Merino was bourn out through that means. Whilst China has been relatively quiet in enquiry and new business, other wool buying destinations took the opportunity at the lower levels to execute some inventory purchasing. Operations appeared to return by weeks-end though as Chinese enquiry ramped up to normal levels.
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