Wool's price roller coaster ends week with EMI sinking another 15c

Wool price retreat continues with EMI down another 15c

Wool
WOOL WEAKENS: The benchmark Eastern Market Indicator lost 39 cents this week to finish at 1555c a kilogram clean.

WOOL WEAKENS: The benchmark Eastern Market Indicator lost 39 cents this week to finish at 1555c a kilogram clean.

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The wool market sustained moderate losses this week after making gains in the previous two weeks.

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The wool market sustained moderate losses this week with the Eastern Market Indicator shedding 39 cents a kilogram to sink to 1555c.

After rising for two consecutive weeks, prices went into retreat again with Sydney suffering the worst falls.

AWEX said the price dive triggered strong seller resistance with a national pass-in rate of 17.6 per cent on a total offering of 34,084 bales.

The only bright spot was price gains of 5-10c at Fremantle on the second day of selling. A total 7964 bales were catalogued in the west for the week with a pass-in rate of 25.8pc.

Australia's wool cheque so far this selling season has reached $726.9 million after 28,112 bales were sold this week for $48.84m.

The Northern Indicator shed 43c in Sydney to finish the week at 1583c after a two-day offering of 9332 bales.

All price micron guides fell 20 to 50c in Sydney and 12-17c in Melbourne during the second day of selling to clip another 15c off the EMI after it sank by 24c on the first day of selling.

The Southern Indicator declined by 33c during the week to sit at 1534c while the Western Indicator dropped by 25c to 1662c.

The crossbred sector also lost ground this series due to reduced buyer support for poorly prepared lines which contributed to micron price guides for 26 to 30 microns falling by 27 to 49c.

The three Merino carding indicators fell by an average of 29c, driven by a 40 to 50c dop in the price of locks.

Next week's national offering is 38,497 bales with selling in Sydney, Melbourne and Fremantle.

The story Wool's price roller coaster ends week with EMI sinking another 15c first appeared on Farm Online.

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