Australian wool auction markets did very little this week as far as price movement are concerned. Just a few minor adjustments in price levels were recorded and mainly downward, notwithstanding the fact that a lot of wool on offer is coming off record highs. Not all selling centres were affected adversely as the Western Australian centre at Fremantle demonstrated, as that market surged forward above and beyond the Eastern state levels, which is a rare circum-stance. The AWEX (Australian Wool Exchange) EMI (Eastern Market indicator) drifted sligh
tly throughout selling and backed off 10ac to conclude the selling week at 1836ac per clean kg.In what is becoming a developing pattern, the local market drifted backwards in concert with a strengthening USD (US dollar), defying traditional logical thinking, as the stronger USD should theoretically act as a stimulant and push AUD prices upward. Conversely we have also seen the reverse occurring, giving rise to the evidence of the underlying strength of demand at present for the fibre as the leading factor in wool price determination. The EMI when expressed in USD (US Dollars) was harder hit and dropped 17usc to close at 1381usc clean kg.
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