Australia's Wool Market Softens Ahead of Nanjing Conference

Australia's wool market saw prices decline this week due to cautious buying ahead of the Nanjing Wool Market Conference. The larger offering of 28,392 bales met selective demand, resulting in a decrease in prices across key indicators and auction centers.

The Eastern Market Indicator (EMI) fell by 21 cents to close at 1,857 Au$/kg, while in US dollar terms, the EMI declined by a larger 34 cents to 1,325 US$/kg. The Australian dollar weakened by around one US cent to 71.33 US cents.

Chinese buyers approached the market more cautiously this week, while renewed interest from European and Indian mills helped temper further price weakness. Despite the decline, the EMI remains 38.2% above its level 12 months ago.