General Market Summary

A slightly different sale format this week with Melbourne starting on Tuesday and Sydney and Fremantle a day later. Melbourne opened cheaper and the overall market sentiment didn’t really recover. The better wools were well supported earlier in the week while the more average Chinese specification range was cheaper across the board. The sale did level on Thursday in Sydney and Fremantle with 18.5 micron and broader ending largely unchanged compared to the Wednesday basis. Some Chinese indent buying activity improved during Thursday’s sale which influenced this result. Probably it was the lower price basis that encouraged this activity. There was a much greater passed in rate as grower reserves weren’t adjust to the easing trend.