Australian wool market continues downward trend
The Australian wool market showed poor performance again this week. It was the third consecutive week where it closed in negative territory and it failed to make a gain for eight consecutive days. The performance this week was a near mirror-image of the 18-cent drop last sale and is significantly down on year-on-year levels.
Just over 40,000 bales were offered – a similar number to previous weeks. The selection this week was indicative of an early autumn catalog with reduced quantities of Best style and increasing prevalence of vegetable matter, which are both key indications of abnormally dry conditions experienced in many areas of Australia over the summer.
Buyers struggled to absorb the larger volumes of these lower spec types during the sale and were hardest hit by the sluggish market, particularly in the finer microns.
–Reprinted in part from Australian Wool Exchange via ASI