EMI rips through the 1500 cents mark as wool recovery continues

Wool prices bounce through the $15 a kg barrier as recovery continues


Wool
ANOTHER RISE: The wool market took another jump in the right direction today with the EMI rising 40 cents in Melbourne to finish at 1535c.

ANOTHER RISE: The wool market took another jump in the right direction today with the EMI rising 40 cents in Melbourne to finish at 1535c.

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Wool prices continued to rebound at sales in Melbourne and Fremantle today.

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The benchmark Eastern Market Indicator has whipped through the $15 a kilogram clean barrier today after posting another 40 cents gain.

Wool prices roared back into life at Wednesday's sales with the EMI climbing 130c to finish the day at 1495c after sales in Melbourne and Sydney.

Today's sales were in Melbourne and Fremantle with Merino fleece wools in strong demand.

Melbourne's pass-in rate was only 1.9 per cent on an offering of 5214 bales.

AWEX reported solid increases of 50 to 60c for 18.5-micron wool across all types and descriptions.

Broader 19 to 21 micron wools closed the day 90-100c dearer.

Best style Merino skirtings 18 micron and finer lifted by up to 80c.

A limited selection of well-prepared 29 micron crossbred wool increased by 25c.

Over in Fremantle the fleece market added further increases to the record price gains at yesterday's sale.

Strong competition pushed up prices by 40-50c with 18 to 22 micron wools all enjoying similar gains. Merino skirtings rose by another 40 to 70c.

The offering was a relatively small 2445 bales with 4.4pc passed in.

On the back of a 44c rise, the Western Indicator rose by 242c for the week, eclipsing the previous record of 170c set in 2002.

Sales continue next week with 31,107 bales rostered in Sydney, Melbourne and Fremantle.

Growers may be tempted to reduce their withdrawals next week in a bid to take advantage of the market rise.

The story EMI rips through the 1500 cents mark as wool recovery continues first appeared on Farm Online.

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