EMI tumbles again, lands 57c down

26 Jun, 2015 05:24 AM
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The AWEX EMI still managed a 247-cent improvement for the season

FALLING wool prices were the trend this week, with the largest weekly drop for the Australian Wool Exchange Eastern Market Indicator (AWEX EMI) in two years resulting in a 57-cent decline.

"The market opened significantly weaker on Wednesday when prices tumbled 60 to 70 cents clean, making it the largest single-day fall in the EMI since 2011," AWEX senior market analyst Lionel Plunkett said.

Just over 45,000 bales were eventually offered, almost 10,000 bales more than the estimate three weeks ago.

"On paper Fremantle showed the largest losses when many of the MPGs shed 150 cents," Mr Plunkett said, "although Thursday continued to trend lower, the falls were more subdued."

While Fremantle fell 20 to 40c, east coast sales were down by a reasonably modest five to 20c despite a late rally in the final selling hour.

Selected stylish types in the finer microns also gave out positive signals when they continued to attract good support despite the weakness elsewhere.

Merino Skirtings followed the fleece sector lower with falls of 50 to 70c. Having held their ground fairly well until now, crossbreds succumbed to the overriding market sentiment, falling 50c this week. Merino Cardings also lost ground, falling 10 to 20c.

This week was the final sale for the 2014/15 wool selling season before a three-week recess.

"Despite falls over the past few weeks, the AWEX EMI still managed a 247-cent improvement for the season," Mr Plunkett said.

"At 24.3 per cent it was the sixth-best result in 35 years of tracking the EMI (both the AWEX and Australian Wool Corp series)."

FarmOnline
Date: Newest first | Oldest first

READER COMMENTS

Chick Olsson
29/06/2015 9:43:05 AM

Obviously AWI must close its generic and wasteful No Finer Feeling Campaign and begin reinvestment in new wool product development via some of the brilliant staff in the Woolmark HK office, a place where the action is.

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