Significant price gains heralded in the new season at Australian wool auction sales this week. The relatively large offering of around 40,000 bales failed to dampen the enthusiasm of buyers or the continued demand for Australian wool. The Merino fleece market, in particular, was extraordinarily strong with all micron brackets in this sector appreciating daily. These healthy advances helped the EMI (Eastern Market Indicator) gain 23 ac/clean kg to conclude the selling week at 1320ac/clean kg. Perhaps more relevant though was the 30usc/kg or more than 3% gain of the EMI when expressed in USD leading to a closing price of 993usc/clean kg. This is highly indicative of overseas users willing or having to support the Merino market at current price levels.
Click here to access AWI's Wool Weekly Market Report (PDF 646KB)