The Eastern Market Indicator (EMI) lifted 46ȼ or 3.5% for the week to close at 1,369ȼ. The Australian dollar was stronger improving by 1.5ȼ or 2.0% with the US/Au rate settling at US$0.749, which lifted in the EMI, in US dollar terms, posting a 54ȼ or 6.0% rally to settle at 1025ȼ.
Fremantle followed the East Coast lead with the Western Market Indicator (WMI) lifting 52ȼ cents to 1401ȼ. Fremantle sold 4,754 of the 5,225 bales offered with 9.0% of offered bales passed in.
The national offering was much reduced this week with 34,498 bales offered, more than 6,000 fewer than last week. The national pass-in rate of 9.0% was also down on last week, resulting in 32,536 bales selling, 3,450 down on last week. The average clearance of bales per week for the season to date is 32,382, still tracking below last season’s average clearance of 34,186 bales.
The crossbred indicators were all stronger, and in a turnaround from the last couple of weeks the 26 MPG was the strongest performer lifting 19ȼ for the week. 28 & 30 MPG were up a more modest 8ȼ & 2ȼ respectively.
Cardings were mixed, Fremantle lifted 54ȼ, while in Melbourne the indicator fell 6ȼ and lifted 8ȼ in Sydney.
This week on Mecardo (view article here), Andrew Woods took a look at the apparel fibre backdrop to the merino wool market. It has improved with manmade fibres lifting in October, while cotton continues to trend higher as it has done since mid-2020. Wool prices tend to follow the general trend of the apparel fibre markets (up and down) except when there are exceptional circumstances.
The week ahead….
Next week a much larger offering is listed for sale in Fremantle, Melbourne & Sydney. All are selling on Tuesday & Wednesday, with 45,755 bales currently rostered.