Sighs of relief as wool's EMI bounces up by 28c

Wool market stages a comeback with EMI up by 28c

Wool
POSITIVE NOTE: The wool market has ended the week by recovering some of the losses sustained during disappointing sales on Wednesday.

POSITIVE NOTE: The wool market has ended the week by recovering some of the losses sustained during disappointing sales on Wednesday.

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The wool market ended the week on a positive note after sharp price falls on Wednesday.

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The wool market roared back to life on Thursday with the Eastern Market Indicator jumping by 28 cents to 1548c a kilogram clean.

The positive end to this week's sales was a relief after the EMI tumbled 56c on Wednesday as panic grew about the spread of caronaovirus within China and beyond its borders.

China is Australia's dominant wool export market and Chinese mills are already struggling with lacklustre consumer demand at home and around the world.

The EMI finished Wednesday on 1520c but the slide could have been worse if the pass-in rate hadn't been so high at 37.1 per cent.

The mood was much more upbeat on Thursday with Merino fleece back in demand in Sydney which resulted in an improved clearance rate of 90pc.

Wool 18.5 micron and finer wools lifted by 35-60c across all types and descriptions, AWEX said.

The 19-20 micron range gained 25-35c while a limited offering of 21 micron wools were 15cs dearer.

A selection of 17 micron and finer Merino skirtings ended the day up by 20-30c.

A total 3908 bales were offered in Sydney for a pass-in rate of 13.1pc.

The Melbourne market also recovered but the price increases were helped by a high pass-in rate of 21.5pc on an offering of 7376 bales.

Wools 19 microns and broader lifted by 25-30c while 18.5 and finer rose by 50-60c.

Merino skirtings rebounded by 50c with the better 18 micron and finer lots up to 80c dearer.

The Fremantle Merino fleece market also performed strongly but 19pc of the offering was withdrawn before the sale.

Wool 18.5 micron and finer was generally 15-25c dearer and 19 micron and coarser was up by 35-45c.

Merino skirtings rebounded strongly with 18.5 micron and finer generally 40-70c dearer while 19 micron and coarser rocketed up by 90-110c.

A total 3805 bales were offered in Freemantle with a pass-in rate of 18.4pc.

This week 24,002 bales were sold nationally for $36.63 million bringing the season's sales so far to $1.25 billion.

A total 35,849 bales is rostered for sale next week.

The story Sighs of relief as wool's EMI bounces up by 28c first appeared on Farm Online.

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