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Australia - Wool Price Drops 31 Cents |
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| Dated- 08 Aug , 2012 - Australia |
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Australian wool prices took a big hit in the opening sales in Melbourne yesterday.
AWEX's Eastern Market Indicator fell 31 cents or 2.9 per cent to 1031c/kg clean with all categories of wool affected.
The falls were not unexpected as the trade had been forecasting the prices would open lower after the three-week auction break.
As Techwool Trading buyer Ken Walsh indicated a fortnight ago "there was nothing out there to give it a lift''.
Melbourne, which was only centre to sell yesterday offered 8651 bales, of which about a third were from Tasmania.
The pass-in rate was understandably high at 21.4 per cent.
However for those looking for a brighter note from the market, the EMI in US dollars actually rose 7 cents or 0.7 per cent to US1089c/kg clean.
Sales continue today in Fremantle, Sydney and Melbourne with more than 25,000 bales rostered.
Source: Weekly times now
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Testimonial
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