The Australian wool market showed no signs of cooling down this week with the Eastern Market Indicator (EMI) closing 18 cents a kilogram (c/kg) ahead at 1070c/kg. This comes on the back of the 20c/kg gain the EMI experienced the week prior.
According the Australian Wool Exchange (AWEX), the bale offering of 31,547 was the smallest three-center offering in two years. Only 5.3 percent of the offering was passed in, up 2.4 percent on the previous week's pass-in rate.
All micron indicators (MI) ranging from the 16.5 MI to the 22 MI gained 20c/kg or greater. Notable, the 17 MI gained 38c/kg to close at 1347c/kg, while the 18 and 18.5 MI each gained 28c/kg to finish at 124c/kg and 1222, respectively.
Reprinted in part from The Land, AU