Australian Wool Market Ends Lower in Week 11 Amid Selective Buying

The Australian wool market ended Week 11 on a weaker note due to broader losses that erased early gains. The Eastern Market Indicator (EMI) fell by 12 cents to 1,878 A¢/kg. National offerings dropped to 23,486 bales, with 21,147 sold and the pass-in rate rising to 10.0 per cent.

The Australian dollar's strengthening to 72.32 US cents influenced the EMI, which rose by 8 US cents to 1,358 US¢/kg in US-dollar terms. Trading opened positively on Tuesday with Eastern Merino categories ranging from unchanged to 37 cents dearer, but sentiment changed on Wednesday as buyers became increasingly selective.

The EMI lost 15 cents on the day, and traders led buying activity followed by processors. Attention now turns to Week 12 and the 37th Nanjing Wool Market Conference, scheduled for September 18-20, which will test underlying demand ahead of the conference.