The AWEX EMI closed the week on 1,716c up 23c at auction sales in Australia. The EMI defied the strengthening FOREX to add 19c to the EMI in USD term. The (double) positive result achieved at this week’s sale, flew in the face of the negative narrative surrounding the recess granted by the Australian Trade to accommodate the recognition of the importance of the Chinese New Year celebrations.

Whilst the concerns for the market were mainly aimed at the ability of exporters to finance the purchase of the 52,000-bale offering (the largest weekly offering in over 3 years), a presale withdrawal rate 3.1%, meant the offering was shaped back to 50,701 and the pass in rate of 4.1% reduced the total purchases to 48,598 bales. Whilst Sydney and Fremantle offered on Tuesday and Wednesday, Melbourne had to extend their selling week to Thursday to accommodate for the larger offering. The weekly sale total gross $88.73m (Ave $1825/bale) making a lot of wool producers happier than they have been for some time.