The wool markets within Australia continued this week under the environment of extreme downward pressure being placed on all wool types. Once again the Merino fleece sector bore the brunt of large price falls, with reductions of 30 to 45acents clean/kg being recorded by the cessation of selling. The exporters are facing very tough conditions in trying to extract forward sales at present, although some major business was written into Indian manufacturers, albeit at price levels considered well under the market. If more of this type of business can be found at least this will help in establishing a base to the market, because currently there appears to be no idea in the trading area as to what level support will be found.
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