Yo-yoing EMI loses 24c amid wool market volatility

EMI dives 24c as wool market volatility continues

Wool
TOPSY MEET TURVY: Volatility in the wool market continued yesterday with the EMI going into reverse to the tune of 24 cents a kilogram clean.

TOPSY MEET TURVY: Volatility in the wool market continued yesterday with the EMI going into reverse to the tune of 24 cents a kilogram clean.

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Frustrating volatility in the wool market continued yesterday with the benchmark EMI shedding 24 cents a kilogram clean.

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The old adage that what goes up must come down could have been written for the current wool market with the Eastern Market Indicator shedding 24 cents a kilogram yesterday.

The EMI has been on a roller coaster ride ever since sales resumed in the new selling season on the back of ongoing trade and economic uncertainty in wool's major processing and consuming countries.

The EMI landed on 1570c after sales in Melbourne and Sydney.

The Western Indicator lost 35c to finish on 1652c after Fremantle's sale over in the west.

Nationally, 17,336 bales were offered with a pass-in rate of 15.8 per cent.

The Northern Indicator dived only 17c at the designated superfine sale in Sydney to sit at 1609c.

An offering of 18.5 micron and finer good style, well measured wools was firm with selected lots as much as 10c dearer.

The broader microns lost ground, recording losses of 20-30c across all types and descriptions.

Good quality Merino skirtings eased by 10-15c while poorer types were 20-30c cheaper. Crossbreds eased by 30-40c across all microns.

The pass-in rate in Sydney on a catalogue of 4759 bales was 11.5pc.

In Melbourne all microns lost 35-45c on an offering of 8158 bales with a pass-in rate of 14.2pc.

Merino skirtings weakened overall by 25-30c. Crossbreds fell 20-30c across 30 microns and finer.

The softer tone at last week's Fremantle sale continued yesterday with further falls across all microns.

Finer fleece microns were least affected with 19 microns and finer generally 20 to 30c easier.

Wools 20 microns and coarser were generally 35-45c lower.

Sellers weren't happy resulting in a pass-in rate of more than 21pc on fleece lines.

Merino skirtings 19 microns and finer were generally 20 to 40c easier.

A national offering of 18,667 bales is rostered for sale today.

The story Yo-yoing EMI loses 24c amid wool market volatility first appeared on Farm Online.

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