The Australian wool market closed on a record high of 1434c, despite easing as the week progressed.
Queensland sheep and wool producers are the most positive they have been in years, says AgForce Sheep and Wool president Alan Rae.
The Northern Region wool auction broke through a perceived price barrier yesterday to help set a new national record with the Australian the Eastern Market Indicator (EMI) soaring to 1439 cents a kilogram (clean).
The Australian wool market has set a new national record this week with the Eastern Market Indicator soaring to 1431 cents a kilogram clean.
AWEX’s eastern wool market indicator has hit near record levels - only 3c below the all time high set in 2016.
The looming Chinese new year holiday period is expected to have a soft impact on the Australian wool market, while sheep meat exports are expected to continue unscathed.
While wool production is forecast to escalate 2.2 per cent to 332 million kilograms greasy wool in 2016-17, the Australian sheep flock is set to continue to decline.
The growing issue of ethical fashion has shone a spotlight on the sustainability of “fast fashion” and in turn, guiding the fashion industry down a road toward more sustainable fibre use.
A bale of 19 micron wool was worth $204 more in December than it was on the first sale day of the year back in January.