AFTER notching up continuous upward trends the wool market has experienced a 17c/kg correction.
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The Australian Wool Exchange (AWI) Eastern Market Indicator (EMI) closed on 1356c/kg.
“The market could be forgiven for posting its first two-day consecutive fall since February,” said Moses and Son principal Marty Moses of Temora.
“It was a nervous market sentiment searching for a new level as it presented mixed signals in each of the three centres on the opening day,” he said.
Freemantle has been selling fortnightly and the centre notched a 104c rise which was described as “simply a catchup”.
On the east coast Sydney held its ground on Wednesday while Melbourne lost composure. The broader microns categories took the heaviest hit as it commenced to wash off some of last weeks rises.
“Thursday’s market saw both Sydney and Melbourne concede ground, and despite their differing paths during the series the Eastern markets were both back in sync,” he said.
Mr Moses said the medium and broader Merino categories lost about 30c/kg and the finer microns showed some resilience, particularly the better types which remained firm.
The Merino skirting sector followed the trend of the fleece losing 20c.
“Whilst the EMI experienced a price fall this week, it is far from the end of the world,” Mr Moses said.