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Overnight drop in water price of 13%
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The price of temporary water on the Murray and Murrumbidgee water market has experienced an overnight decrease of 13%, with the average price dropping from approximately $345/ML to now just short of $300/ML.
Waterfind chief executive Tom Rooney suggests that the rapid fall in price experienced in the last 24 hours may coincide with an expectation amongst growers of an increased allocation announcement tomorrow.
Temporary prices in the water market usually move relatively slowly, making this one of the quickest decreases seen in long time.
Rooney says that “what we have seen in the last day or two is the price of water coming down even further, with the market now sitting around the $300 per megalitre mark”.
Market activity so far in October represents a very different price movement compared to what was experienced this time last season, when a sudden surge in demand and a shortage of water available on the market coincided with a very sharp and record rise in price.