A historical week at Australian wool auctions which has seen the AWEX EMI (Australian Wool Exchange - Eastern Market Indicator) week-ending figure record broken again for the 11th time this season. A strong price surge came from surprising sectors of all of the crossbreds and cardings wools on offer, but all wools were strongly sought after. This renewed interest helped lift the EMI 23ac to 1699ac clean kg, outstripping the previous record high of 1689ac level hit 3 weeks ago.
The major Forex (foreign exchange) rate used in wool trading, the USD, also went in favour of local sellers and theoretically added 0.5% of the 1.37% value gained in wool this week. When isolated to just USD movements, the USD EMI gained 11usc/clean kg to close at 1282usc clean/kg or 0.8% stronger. The European users were some-what disadvantaged in comparison as the Euro maintained the ruling rate week on week and bore the full brunt of the AUD rise at local auctions here and in Euro levels were 1.4% higher.
Click here to access AWI's Wool Weekly Market Report (PDF 900 KB)