Australian Wool Market Ends Lower as Buyers Turn Selective

The Australian wool market ended Week 11 lower, with the Eastern Market Indicator (EMI) falling by 12 cents to 1,878 A¢/kg after early gains were erased on Wednesday. National offerings dropped to 23,486 bales, with 21,147 sold and a pass-in rate of 10.0 per cent.

The EMI's decline in Australian-dollar terms was partly offset by currency strength, which lifted the indicator by 8 US cents to 1,358 US¢/kg. The Australian dollar strengthened to 72.32 US cents during the week.

Trading opened positively on Tuesday, with Eastern Merino categories ranging from unchanged to 37 cents dearer, but sentiment changed on Wednesday as most Merino descriptions lost ground and buyers became increasingly selective.