Dipsy-doodle wool market takes a 27c dive

Wool prices take a dip as market volatility continues

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WHAT WILL IT BE WORTH TOMORROW?: The benchmark Eastern Market Indicator shed 27 cents a kilogram at today's sales in Melbourne and Sydney.

WHAT WILL IT BE WORTH TOMORROW?: The benchmark Eastern Market Indicator shed 27 cents a kilogram at today's sales in Melbourne and Sydney.

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Volatility in the wool market continued at today's sale with the benchmark Eastern Market Indicator losing 27 cents a kilogram clean.

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The dipsy-doodle auction wool market went into reverse today with the Eastern Market Indicator (EMI) losing 27 cents a kilogram to close at 1516c.

The national pass-in rate hit 16.8 per cent on an offering of 18,092 bales, AWEX reported.

Western Australian growers were in no mood to cop the slide in prices with the pass-in rate hitting 23.6pc at Fremantle on a catalogue of 4450 bales.

Merino wool 18.5 micron and finer were most affected by the falling market in Fremantle, dropping 60 to 70c. Wools 19 micron and coarser sold at levels 45 to 55c below the previous sale.

Merino skirtings dropped by 45 to 55c. The Western Indicator dropped by 43c to 1610c.

The damage wasn't as bad in Sydney with 17.5 micron and finer micron price guides experiencing only a minor price adjustment due to an increased selection of superfine and best style wools offered as part of this week's designated Australian superfine auction.

The 18 to 19 micron range was 20-40c cheaper while broader microns were down by 40-50c.

Merino skirtings ended the day 30-40c lower across all microns and descriptions.

The pass-in rate hit 10.4pc on an offering of 5025 bales while the Northern Indicator shed 27c to finish at 1540c.

Down south in Melbourne the market opened 30-40c easier on last week's close.

The market maintained these new levels through to the last hour before a late surge saw 19 and finer wool's rebound to last week's level.

Merino skirtings 18 micron and finer eased 30c while 18.5 micron and coarser fell 20c.

The pass-in rate in Melbourne reached 16.pc on an offering of 8617 bales. The Southern Indicator lost 27c to close at 1500c.

Tomorrow 19,846 bales are rostered for sale at Sydney, Melbourne and Fremantle by AWEX.

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