Weekly Market Report
Mark Dyson, Managing Director
EMI surges as market rallies
6 October 2017
The Eastern Market Indicator (EMI) lifted by 28 cents this week to finish at 1550 cents per kilogram clean, with very little movement in the Australian dollar which traded at mid-78 US cents.
This assisted trade buyers to fill orders with confidence, as the market rallied on the first day’s offering to see the 17.5-23 Merino range increase by 5-21 cents clean.
The positive trend continued on the second day, with all Merino micron categories increasing by a further 14-37 cents clean.
As with recent weeks, the better style wools expressing good strength attracted best trade competition, though in a change of fortune the poorer style wools also made up ground on the previous week’s quotes.
Skirtings followed suit lifting 20-50 cents clean, with the low vegetable matter types keenly sought after.
The crossbred wool categories did not receive the same support as the Merino types in the 25-30 micron range eased 7-12 cents clean for the week, with the broader 32 micron indicator the only shining light, finishing marginally in the seller’s favour.
The carding wool types continued to trade well, with locks and crutchings lifting 10-15 cents clean.
The favourable market conditions resulted in low passed in rates of 3-4 per cent for the week, as buyers endeavoured to fill orders by week’s end.
Next week’s national offering is 39,716 bales, of which 21,540 will be on offer from the Melbourne selling centre.