In complete contrast to the impressive gains of the previous week, Australian wool auction sales adjusted heavily downwards last week ending August 24. By the close of selling, the AWEX eastern market indicator (EMI) settled at 1572ac clean/kg, eliminating 42ac from the record level set in the previous week. The EMI in USD fell similarly by 40usc clean/kg.
Following two weeks of consecutive rises and seeing the EMI go into record territory, the market finally hit a price point where the price