The benchmark eastern market indicator (EMI) shed 31 cents a kg to hit 1723c at the close of the first auction wool sales after the three-week winter recess.
Market pundits were nervous about the re-start of sales after China-US trade tensions were wound up even higher during the break.
The market had staged a welcome rebound prior to the break but some market observers feared the rally wouldn't be sustained.
The passed-in or no bid rate was almost 20pc in Sydney and Melbourne but a whopping 55.1pc in Fremantle.
A total 20,833 bales were offered nationally with 15,462 sold for a gross of $27.9m.
Just over 7000 bales were offered in Sydney with a clearance of 5677 bales.
AWEX said weaker buyer demand was evident across all micron categories in Sydney. Wools 18.5 microns and finer sank by 20-40c. Broader microns eased by 40-50c.
The pain was felt a little more in Melbourne where 8089 bales were sold from a catalogue of 10,000 bales.
AWEX said prices fell across all categories 19 microns and coarser by 50-60c. Wools 18.5 microns and finer fell by 25-30c.
Over in the west large losses were experienced in fleece lines with price levels dropping by 80-90c compared with the previous sale. A total 3780 bales were offered with 1696 sold.
Sales continue today in Sydney, Melbourne and Fremantle with 22,286 bales rostered for sale.
Vernon Graham
Former editor of The Land, former Fairfax Media Agricultural Editor
Former editor of The Land, former Fairfax Media Agricultural Editor
