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Wool Prices Weaken Under Cautionary Purchasing

21 September 2015

AUSTRALIA – Turbulent markets continued the recent depression seen in the wool markets last week, resulting in a two per cent contraction.

This is according to Australia Wool Innovation (AWI) which said Forex and interest rate activity has resulted in an EMI 26 cents lower at 1234 ac/clean kilo.

AWI analysts said the recent wool market at Nanjing did little in the way of offering clear market signals but said current sentiment is for the downward trend to slow.

With 37,000 bales rostered for this week’s Australian sales, AWI said the market could go two ways.

“Increased interest may be forthcoming from the larger users looking to ensure supply for the post Xmas period creating stability, or a cautious approach of hand to mouth supply to mills may see the volatility experienced over the past 6 months or so continue,” said a spokesperson.

TheSheepSite News Desk