Weekly Market Report
Mark Dyson, Managing Director
Market finds stability
16 November 2018
It was a roller coaster ride on the wool market this week, as the Eastern Market Indicator finally found stability after the previous four weeks of downturn.
By week’s end the EMI had increased to 1781 cents per kilogram clean (representing a rise of 5c/kg clean), with the Australian dollar holding relatively steady trading slightly above US 72 cents.
The market initially opened up on a softer tone with falls of 10 – 50c/kg across the Merino micron categories, with buyers being selective with their purchases favouring the better measured wools.
As the sales progressed, buyer confidence returned to the marketplace with most of the losses from the first day’s trade being recouped, resulting in the 18 and finer micron types finishing the week out 16 – 41c/kg clean up on the previous week.
The 19 – 20 micron categories lifted up to 15c/kg clean, with the 21 – 23 micron types easing up to 25c/kg clean on the finish of last week’s quotes.
The crossbred wool categories held reasonably firm to finish 5 – 15c/kg clean dearer, with the better prepared types attracting best competition.
The carding wool categories, which have taken a belting over the past month, found solid trade support lifting 40 – 60c/kg clean, with the lower VM types being well sought after.
Passed in rates decreased by nearly 50 per cent on the previous week to average just on 11 per cent for the two days of selling. Next week’s national wool offering consists of 35,334 bales.