The opening week of sales at Australian wool auctions produced some stunning results and mostly to the positive. Despite the comparatively large offerings and some radically adverse movements in the AUD v USD through the recess in sales, prices rose steadily from the outset of selling. Demand increased as the auctions progressed, and the dearest point of the selling week was at the close. All types, apart from carding wools, were affected.
The AWEX EMI (eastern market indicator) increased by a very impressive 28 ac/clean kg for the week to 1550ac/clean kg. This is 253ac higher than last year at the same time or 19.5% better. More significantly, in USD terms, the EMI leapt forward by 47 usc to roar through the 1200usc mark to close the week at 1220usc/clean kg as the stronger AUD failed to dampen the current strong demand from mainly China. The EMI in USD is currently 22% or 220usc higher than last seasons opening sale post break.
Click here to access AWI's Wool Weekly Market Report (PDF 873 KB)