Wool Prices Hold Firm
June 3, 2016

A five-week rally in the Australian Wool Exchange Eastern Market Indicator came to an end this week when it dipped 1 cent. The EMI had been on a steady march toward 1300 cents but faltered just short of the mark, closing this week 1-cent lower at 1296 cents. The EMI went unbeaten for 11 consecutive trading days, which was the longest run without a loss in more than a year.

Just over 34,000 bales were offered nationally during the week, which made it the second smallest three-center offering for the season. The week's results were largely reflective of supply. For Merino Fleece that meant a focus on the 20.1 and broader range, which contained approximately 6,000 bales and resulted in a firming of 5 to 10 cents during the two days. By comparison, during April and May, it was common for a national offering of 9,000 to 10,000 bales being offered in this micron range.