After Downturn, EMI Closes Week on Positive Note
April 7, 2017
Following on from the largest fall in the benchmark Eastern Market Indicator in more than two years of 49 cents, this week saw the EMI fall another 43 cents to close at 1459 cents. But, this week, the market actually closed on a positive note.
Buyer confidence left the market on the first day of selling and, as a result, the market was pushed continually downward as the day progressed. The EMI lost 45 cents as a result of most merino types generally experiencing losses of between 50 and 100 cents. Day two of selling saw a remarkable turn of events, buyer confidence returned and the market quickly found a new level, and slowly improved as the day went on. The EMI made a modest rise of 2 cents to not only halt the decline in prices but set a positive tone heading into next week’s sales.
The skirting market closely mirrored the fleece: lack of buyer support pushed prices down steadily with most types and descriptions losing between 50 and 100 cents from the levels achieved the previous week. The crossbred sector continued to find good support and some types and styles actually managed to post increases for the week, in particular 30 micron which was up to 10 cents dearer. All other crossbred descriptions traded within 5 to 10 cents of their previous levels. The carding market, which has been solid for many weeks, suffered a correction this week with all three carding indicators falling an average of 37 cents.
Reprinted from AWEX