AUSTRALIAN wool prices dropped further this week, with fine Merino fleece recording the largest falls.
The Australian Wool Exchange said the individual Micron Price Guides (MPGs) for 18.5 micron and finer dropped by between 34 and 73 cents.
“These losses combined with general overall losses in the medium/broad Merino types, crossbreds, skirtings and oddments, resulted in a 20 cent fall in the AWEX Eastern Market Indicator.
“The EMI closed the series at 1235 cents, a drop of 1.6 percent.”
AWEX said the EMI has stretched its run of weeks without an increase to 12.
“The EMI has lost 239 cents over this period, a 16.1pc reduction.
“The EMI has still not managed an increase this season.”
AWEX said although the national offering did not reach the over 40,000 bales expected, there was still 7898 more bales than was on offer in the previous week.
Brokers offered 36,042 bales, but 13.3pc were passed in.
“In an inverse pattern to the previous week, a strengthening of the Australian dollar compared to the US (the AUD gained 0.62 cents compared to last week) the loss in USD terms was lower.
“The EMI lost just US5 cents for the series, a reduction of 0.6pc.”
AWEX said the 28 and 30 micron crossbred wools have continued their steady decline.
“This is best highlighted by viewing the MPGs in the south, where the 30 micron MPG recorded no change and sits again at its lowest point on record (297 cents), while the 28 micron MPG lost another 14 cents, dropping to 338 cents.
“This is only six cents higher than its record low of 332 cents, which occurred way back in October 1999.”
AWEX said the 28 micron MPG is now 985 cents lower than the record high it reached in May 2019, a drop of 74.4pc.
Quantities for next will reduce slightly. Currently, there is expected to be 35,881 on offer in Fremantle, Melbourne and Sydney.
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