National wool market continues to ‘deteriorate’
Australia’s wool market has dropped for a third week, with only a fortnight left before the annual Christmas recess.
The Eastern Market Indicator closed 38¢ down at 1492¢/kg clean today in the wake of dropping 25¢ last week.
Australian Wool Exchange senior market analyst Lionel Plunkett noted the EMI had dropped for seven consecutive selling days, shedding 105¢.
“The Australian wool market has continued to deteriorate,” he said.
“When compared to the corresponding sale of the previous season the EMI has dropped 357¢, a fall of 19.3 per cent.
“Sellers across the country were reluctant to accept the reduced-price levels, the national passed in rate was 20.4 per cent, this was 6.2 per cent up on the previous series.
“The large number of passed in lots adds to the continually growing stockpile of wool being held in brokers stores.”
WA’s wool value also dropped this week, with the Western Market Indicator trading 36¢ down at 1604¢/kg clean today.
There are two wool selling weeks left, before the annual three-week Christmas recess.
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