Despite continued logistical issues plaguing all industry supply chains globally and the negative consequences from Covid-19 lockdowns in China, the wool market is holding its own.
The AWEX Eastern Market Indicator (EMI) dropped by five cents for the series, closing the week at 1408 cents per kilogram, clean.
The western market indicator (WMI) didn't fare as well dropping by 11c to 1446/kg, clean.
And although better style and low vegetable matter (VM) wools attracted strong buyer interest this week, it wasn't enough to keep the benchmark indicator on an upwards trajectory.
The AWEX weekly market summary reported the EMI has had an up and down run since week 33 (we are now in week 37).
Since that time the EMI has risen on all even numbered weeks, for a gain of seven cents, and fallen on the odd numbered weeks, for a loss of 19c.
In good news the EMI is still 131c higher than the corresponding sale of last season.
Overall, the week for wool generated minimal change, with prices hovering around established levels.
Merino types generally held in eastern markets, but in WA those levels deteriorated by 15 to 20c.
AWEX reported that good style wools carrying less than 1.5 per cent VM were limited in supply and highly sought after.
Strong buyer interest in these lots kept prices up, but in the end with only 40pc of total fleece having less than 1pc VM, the higher VM wools lacked the same support, bringing down the overall series.
The small rally that crossbred wools had shown in the last few weeks came to a halt with prices falling by 20c at the close of the series.
According to market reports, China were dominant with support from India and Europe.
Consistent purchasing of good type, better style Merino fleeces by the European and Indian interests is spearheading that extra demand and helping keep prices at their established levels.
Unfortunately it is the long delivery times to those non-China destinations which some report at being up to four months from the time of booking contracts to delivery processed that is not helping the market.
This is almost double the duration of what the normal supply chain for wool textiles used to operate to just a few years back.
Looking ahead, offerings for the coming three sales are expected to range from 41,250 bales to 48,286 bales.
Next week over 48,000 bales are to be offered over three selling days of Tuesday, Wednesday and Thursday.
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