The Australian wool market fell 1.4 percent in average values this week as weak demand and a large offering pushed prices lower, analysts said on Friday.
The AWEX Eastern Market Indicator (EMI) lost 11 cents to 788 cents a kg clean, based on decreases of 11 cents in the northern market (Sydney), and 12 cents in the south market (Melbourne).
Their indicators finished the week at 810 cents a kg clean and 779 cents a kg clean, respectively.
In Fremantle, the Western Region Indicator fell four cents to 776 cents a kg clean.
"A stronger Australian dollar together with a large auction offering proved a bad mix at opening day wool sales in Melbourne and Sydney this week," woolbroker Landmark said in a statement.
The EMI plunged 13 cents on Tuesday, with resistance shown by growers who passed in 24.7 percent of the day's offering, before prices stabilised on Wednesday and Thursday.
Much of this was due to a jump in the Australian dollar, which climbed as high as 71.75 US cents early in the week.
"Although prices fell across all micron ranges on Tuesday, the greatest falls (up to 20 cents plus) were seen in the medium and broad merino wools," Peter Morgan of the Australian Wool Industries Secretariat said in a statement.
"Thursday sales indicated a more positive mood and even medium and broader wool finished the day firmer," Landmark said.
Notably, the northern 23 Micron Price Guide (MPG) fell 22 cents to 749 cents a kg clean, while the southern 18 MPG rose four cents to 1,092 cents a kg clean. The national pass-rate for the week was reasonably high with 17.9 percent of the week's 73,981 bales passed in as interest picked up from Chinese buyers and topmakers.
Next week, sales will continue in all selling centres, with 66,510 bales currently rostered for sale in Sydney, Melbourne and Fremantle.
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