The AWEX EMI closed the week at 1783c, up 16c at auction sales in Australia. Combating the appreciating AUD vs USD exchange rate, the EMI rose 35c in USD terms. This shone a very positive light on the market, despite early market intel predicting a flat market at best.

With offerings jumping to 45,476 bales it appeared sellers expectations had risen with the market, with a reduction from previous weeks to 92.8% of the offering cleared to the trade. Another variable in this week’s result was the split sale roster due to the Victorian public holiday on Monday. This had Melbourne operating on Wednesday with the other centres; however, Thursday’s sale operated in isolation, which I feel was antagonistic to orderly marketing. Exporter competition was generally dominated by the large Australian trading exporters, with aggressive competition from Chinese indent buyers. In a straight-line rising market, it was comforting to see the large Chinese topmakers staying in the fight.