This week saw the market continue to retreat. By the end of the first selling day, the individual Micron Price Guides (MPGs) had lost up to 24 cents. The only MPG to not lose ground was 21 microns, which recorded no change. On the back of these losses the NRI fell by 18 cents for the day.
Further losses of 10-20 cents were wiped off the MPGs on day two, pushing the NRI down another 12 cents. By weeks end, the NRI had lost 30 cents to close at 1,561.
However, it is worth noting that AWEX do not quote below 16.5 microns, where best style fine wools of 16 mi- cron and finer were firm and well supported throughout the week.
It is also interesting to note that this year’s lower prices combined with the lower volumes has resulted in the Y.T.D turnover being down by half a billion dollars, a reduction of 36%.
41,274 bales are currently rostered for sale next week.