Weekly Market Report

Mark Dyson, Managing Director

Mark Dyson

Another surge for the EMI

There was another boost in the wool market this week, as strong competition pushed prices up and saw the Eastern Market Indicator (EMI) rise by 49 cents per kilogram to 1363c/kg clean.

The offering was considerable at 47,469 bales but only 3.5 per cent were passed-in.

A drop in the Australian dollar against the greenback also saw the EMI increase in US-terms, by 21c/kg to 1004c/kg.

The market opened rather modestly before it began gaining momentum, particularly in the finer end of the catalogue where some price guides tipped over the 1700c/kg mark.

The 17 micron guide firmed by 71c/kg to close at 1719c/kg.

Medium to broader types also strengthened considerably with increases of more than 50c/kg, with the 19.5 micron guide gained 58c/kg to rest at 1574c/kg.

Skirtings told a similar story and surged by 50c/kg, while cardings were not far behind after firming by 47c/kg.

It was a mixed result for crossbreds, after a strong beginning things tapered off and increases were kept under 20c/kg, with a loss of 14c/kg for the 26 micron guide.

Next week will see another large offering, with an estimated 48,603 bales to hit the market.