Australian Wool Market Breaks More Records
August 17, 2018
Currency movement, a reduced offering and buyer concern over upcoming supply all contributed to producing a remarkable week in the Australian Wool Market.
Quantity reduced to 36,302 bales and buyer competition was intense from the opening lot. On the first day of selling, prices across the nation increased by an average of 110 to 160 Australian cents. The rises were realized across all microns and throughout the entire facet of types. Some small faults were increasingly overlooked, as buyers attempted to secure meaningful quantity in the rapidly rising market.
The benchmark Eastern Market Indicator added 99 Australian cents, the largest daily rise in the EMI since 2002. This increased the EMI to 2,089 cents, easily surpassing its previous high of 2,073 cents, set in June of this year. The second day of selling was more subdued, although the market continued to track upward at a less frenetic pace than on day one. All types and descriptions generally rose by another 20 to 50 Australian cents, pushing the EMI a further 27 cents into unchartered territory.
The 126 cents that the EMI added for the series, was also the largest weekly increase since 2002. The regional market indicators and the individual micron price guides for 18.0 through to 21.0 micron rose to unprecedented levels in all three selling centers.
The skirtings followed a similar path to the fleece as prices generally rose by 50 to 100 Australian cents for the week. The crossbred sector also posted significant gains of 60 to 90 Australian cents. A limited offering of oddments generally rose by 40 to 80 Australian cents.