The bull run at Australian wool markets extended further into this week as price gains actually accelerated in pace relative to previous weeks. The trend favouring Merino wool was broken this week as all wools on offer were caught up in the sentiment. Some staggering percentage gains were achieved in the carding and crossbred sectors while Merino types continue to forge ahead relentlessly. When the smoke settled from the fierce purchasing activity on all wool descriptions, the trade witnessed another all time high weekly closing price. The AWEX EMI (Australian Wool Exchange - Eastern Market Indica-tor) soared 58ac for the week and eventually registered a new record level of 1681ac clean/kg at the cessation of sales for the week.
Growers selling this week, relative to the same time last year, are seeing a 30% gain in Australian dollars terms for their wool clip. The current market indicator is just shy of 400ac clean/kg higher than at the same period of last season. In US dollars the gains are similar with a 39usc appreciation this week as the EMI in US dollars closed at 1291usc clean/kg. This level represents a year on year gain of 31% or a price that is over 300usc higher for the many overseas buyers that use that currency.
Click here to access AWI's Wool Weekly Market Report (PDF 880 KB)