Large price gains were the basics of the Australian wool auction markets this week. The positive mood of the past few months extended once more and gained momentum, as all types and descriptions on offer appreciated greatly. The small offering of just over 37,000 bales was obviously not enough to quench the current demand for Australian wool, particularly for Merino fleece wools. As a result some types in the Merino sector put on extraordinary weekly gain of up to 140ac/ clean kg in one instance, with a general 60 to 100ac/clean kg rise being evident by the close of selling. With such positive activity and strength of competition, the EMI (Eastern Market Indicator) concluded the week at a 4 year high at 1312ac/clean kg or 70ac/clean kg higher. This level has not been seen since the July/August period of 2011 and now sits at a level equating to 26% higher than at the same time last year.
Click here to access AWI's Wool Market Weekly Report (0.28 MB).