AUSTRALIAN WEEKLY MARKET REPORT
Global demand slows resulting in lower prices overall this week. The quality of the offering is having an impact as buyers and traders look for value across a wide range of types. Best style/strength again the focus of many as the offering of these types disappears into the autumn months. Higher VM and lower yields are suffering due to the impact of the season. Whilst shearing delays have improved ever so slightly, overlength and higher mid break coupled with tenderness, has created a gap in the market for traders to take advantage. Dumping and packing delays create a headache for exporter cash flows also affecting the strength of the market.
AWEX Eastern Indicator compared with 31/03/2022
Change in % -1.40
Authentico Index Values
Change in %: -4.0
Change in %: -1.7
Change in %: -1.8
Change in %: -2.1
Change in %: -2.0
Change in %: -2.2
A massive week 42 volume of 62,000 bales after the recess will surely test the market resilience. Having said this business with China has been consistent supported by new activity from India, whilst Japan and many parts of Europe remain subdued. General feeling is the market will struggle short term, however longer term view looks more promising. Triggers to look out for are the EMI below 1300 and the USD(EMI) below 875 usually create some positive activity.
Auction offering – current week
Auction offering – next week
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