SUPERFINE wool prices continued to struggle at auction last week, with the Eastern Market Indicator closing down 3 cents to be 850c/kg clean.
In US dollars, the EMI fell 12 cents to US785c/kg clean.
In Melbourne, the 17.5 and 19-micron indicators fell 20 and 17 cents respectively.
Elders International, in its weekly report, attributes the drop to weak European demand.
Elders speculates that despite OECD reports of better times ahead, the pick up in the superfine wool demand might first appear in the poorer end of the superfines and that the more "glamorous" fleece components will move up in sympathy.
Crossbred wools were also struggling, despite low stock levels in China.
Elders says demand for these wools might not pick up until the Chinese New Year (February 14).
Sales continue this week with a national offering of 49,5000 bales including 23,500 bales in Melbourne.
