EMI up 126c/kg in an astonishing week for Wool
- By: "Farm Tender" News
- Ag Tech News
- Aug 17, 2018
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By Mark Dyson - Quality Wool
A lower national offering of just over 36,000 bales and a decline in the Australian dollar trading at below 73 US cents was enough to attract strong overseas demand on the wool market this week.
The Eastern Market Indicator (EMI) rose an astonishing 126c/kg clean for the week to finish at 2116 cents per kilogram clean.
From the sale’s outset bidding from the trade was fierce, with both the Merino and crossbred sectors receiving benefit.
Most gains were received on the first day of trade, with the Merino 16-23 micron types all increasing some 100-151c/kg clean and the crossbred types increasing 62-90c/kg clean, resulting in a day of trade to mark down in history.
The skirtings increased in line with fleece categories, with the lower fault types attracting strongest competition.
The second day’s trade followed the positive tone with further gains of 10-50c/kg clean in the Merino fleece categories, with the finer crossbred types increasing up to 25c/kg clean.
The carding sector was not left out, with locks fetching an increase of 80-100c/kg for the week and crutchings and stains increasing 30-50c/kg clean.
As expected with such a massive market increase, passed in rates fell below one per cent by week’s end.
Next week sees the national wool offering decrease further to 29,813 bales, with the Fremantle selling centre taking a breather due to wool week and Melbourne hosting 65 per cent of the total offering.
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