Stronger competition featured at this week’s Australian wool auctions with all types and descriptions on offer attracting better price levels. The Eastern Market Indicator (EMI) closed 24ac higher to move to 1401 ac/clean kg, whilst the EMI when expressed in USD appreciated similarly by 1.9 per cent or 19usc to close the week at 996 usc/clean kg.
“Widespread interest from the trade from the outset of selling ensured dearer levels prevailed and in fact the market was at the highest point at the conclusion of selling, which usually augurs well for the immediate term looking forward,” the Australian Wool Innovation Limited (AWI) said in its commentary for week 44 of the current wool marketing season.
The WA centre outperformed both the eastern centres to see the Western Market Indicator (WMI) close 43ac or 3 per cent higher at 1473 ac/clean kg by the close of selling. The national auction markets cleared 94 per cent of what was offered, the commentary mentioned.
Read more about Australian wool auctions witness strong competition this week
Explore more News here