Sharp corrections were felt across the board this week, with prices generally falling 50-120 cents. 19 micron and finer suffered the largest reductions, in particular any wool with poor additional measurements.
The falls resulted in the NRI falling by 49 cents for the series, closing the week at 2,021. Currency movement may have contributed to the magnitude of the fall, with the NRI losing 23 cents when viewed in US dollar terms.
On a positive note, the total amount of wool sold surpassed the one billion dollar mark this week, the quickest this figure has been reached since AWEX
started recording in 1995. Merino skirtings tracked a similar path to the fleece, where there were general losses of 80-100 cents, with 18.5 micron and finer most affected. Anecdotal report suggest that stocks of carding wools have started to build, and as such prices for locks, crutchings & stains were generally reduced by 80-120 cents.
Crossbreds were the best performing sector, only losing 10-30 cents.