EMI Rises During Strong Week for Australian Market
October 6, 2017
In the previous two weeks, there has been very little market movement, which was reflected in the Benchmark Eastern Market Indicator losing just 3 cents during weeks 12 and 13. Strong buyer competition has helped push the Australian Wool Market back into positive territory.
Price increases were realized from the outset on the first selling day this week as most types and descriptions gained 10 to 30 cents. Wools exhibiting favorable additional measurement results attracted significant premiums, but lesser style and spec wools also felt the effect of the rising market as buyers fought hard for quantity. The EMI posted a 13-cent rise on the day.
Buyer competition was intense the second day as they attempted to secure their share of the quickly rising market. Some price increases were extreme, but in general terms the rise in price was 20 to 30 cents. The EMI added a further 15 cents to the previous day’s rise, closing the week at 1550 cents, an overall increase of 28 cents for the week.
The skirting market followed a very similar path to the fleece, prices rising both selling days, resulting in general increases of 20 to 50 cents for the week. The crossbreds were the only sector to not record gains this week. These wools lost further ground after recent losses – 25.0 through to 30.0 micron all lost ground, generally, 10 to 20 cents. The oddment market continued its upward trend of the previous few sales.