AUSTRALIAN WEEKLY MARKET REPORT
It seems the impact of the Global downturn in economies has had a dramatic effect on the market this week. The demand from China has slowed which is affecting the market as caution is the tone from Chinese local processing. Europe has slowed due to increased fuel prices affecting the viability of keeping processing mills open and running at near full capacity. Rising interest rates, a volatile currency, increased energy costs, and shipping issues drag on are playing there part in a downward trend in the market this week. Having said this, the top 8 buyers all have Chinese connections via indent or greasy wool trading and remain solid in their resolve at the top of the buyers list weekly. Grower resistance at this level is evident with a large passed-in and withdrawn rate this week.
AWEX Eastern Indicator compared with 22/09/2022
Change in % -1.90
Authentico Index Values
Change in %: +2.80
Change in %: -0.85
Change in %: -1.0
Change in %: +1.40
Change in %: -0.68
Change in %: +0.15
The return of bigger volumes in the coming weeks will surely test the market under the current conditions. Grower resistance may be the key, if growers are prepared to hold for better times ahead. Selection will dictate the terms also, as we are experiencing longer than expected wet seasonal conditions creating some issues with quality. Shearing delays also creating problems with over length. As the season dries out we will certainly have VM issues later on in spring through to the autumn months. Superior quality wool with low vm will certainly be in demand for spinners and weavers moving forward.
Auction offering – current week
Auction offering – next week
|North||S 14||W – T||10285|
|South||M 14||W – T||22968|
|West||F 14||W – T||6844|
If you want to see the complete Wool Sales Roster click here.