It was a very strong market that was not all subdued by the offering of nearly 49,000 bales, the largest for the season. The Eastern Market Indicator (EMI) has moved up by 39¢, 19¢ and 16¢ over the last three sales. The corresponding figures in US currency are 51¢, 27¢ and -2¢. The Eastern Market Indicator (EMI) is over 1000¢ for the first time since Week 02.
Trade reports indicate that there were some very good orders from Chinese topmakers. The market started strongly on Tuesday in Melbourne; and closed with good gains from 18.0 to 19.0 microns and 22 microns; and lesser gains over the other Merino wools. This was followed on Wednesday by a day of very keen demand when the Eastern Market Indicator (EMI) rose by 29¢ and there were prices rises across all micron ranges and wool types, particularly from 17.5 to 22 microns.
The market continued on its upward path on Thursday, but more so in the South where there were further big gains up to 19.0 microns and at 23 and 24 microns; and smaller gains for or micron groups.
Looking at the fine end of the market, prices movements for these wools have generally been equal to or greater than those for medium and broader Merino wools in recent weeks; and clearly out-performed them over the last two sales and since the start of the season. All average Micron Price Guide (MPGs) from 16.5 to 19.5 microns are now more than 100¢ above their season lows. The differences range from +161¢ at 16.5 microns to +104¢ at 19.5 microns.
The recent gains have reduced the year-on-year differences and the changes since the start of the season in the Eastern Market Indicator (EMI) and the WMI. The Eastern Market Indicator (EMI) is 144¢ (-12.4%) less than in the same week last year and is 56¢ (-5.2%) less than at the start of the season.
The WMI is 142¢ (-12.3%) less than in the same week last year and is 62¢ (-5.8%) less than at the start of the season. In other countries, the Cape Wools Indicator in South Africa was up by 4.5% in Rand and by 5.2% in US currency. The Wool Services International Indicators in New Zealand were quoted as generally unchanged for fine crossbred fleece and 2.5 to 5% dearer for coarse crossbred fleece Among other fibres, cotton Futures out to July next also rose sharply during the week. December Futures closed at 76.88¢ on Friday, up by 7.7% since the previous week.
48,765 bales were on offer, compared with 37,118 bales last week. 3.9% were passed in, comprised of 3.3% in Sydney, 3.6% in Melbourne and 6.6% in Fremantle. Pass-in rates for Merino fleece and skirtings were 2.9% and 3.2%, respectively.
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