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Australian wool EMI at highest ever level in Au$ terms
Jan '17
Courtesy: AWI
Courtesy: AWI
The Eastern Market Indicator (EMI) managed to forge ahead by a further 12ac clean/kg to conclude this week’s trading at 1434 ac clean/kg, the highest closing level ever recorded in Au$ terms. This record was set despite the very large offerings of over 56,000 bales and disadvantageous foreign exchange rates in all of the major trading currencies.
The EMI in US dollar terms also shifted upwards to 1079usc clean/kg a gain of 17usc clean/kg, proving the current strong demand for Merino types, and particularly the finer end of that breed, is ruling the overall market direction within the makeup of the EMI, the Australian Wool Innovation said in its weekly wool market report. 
Substantial wool top sales have apparently been made of the finer microns. This has depleted global stocks that have been held for some time and those top makers are now in a position to restock, this week’s report said.
In Melbourne, frenzied buying witnessed in the previous week was very much apparent on Tuesday, but was much more type restricted this week. All Merino types finer than 19 micron sold to levels 50 to 90ac higher than the previous week’s close, but on the other hand, all wools broader than 19.5 micron showed signs of retreating. As the 2 other centres of Fremantle and Sydney joined selling on Wednesday this trend became more evident and continued throughout the rest of the selling week. The EMI reached a record high by the conclusion of sales on Wednesday.
The general sale results by the conclusion of the week showed all Merino qualities 19 micron and finer 35ac to 85ac dearer with the finest types best supported, but 19.5 to 22 micron wools all were on par to 25ac cheaper with the broader edge most affected. Merino skirtings sold in line with their fleece counterparts and the finest pieces and bellies were extremely well sought. Cardings sold fully firm to slightly dearer throughout and all of the crossbred selection had a mixed week where prices initially fell but then staged a semi recovery on the final day. Price levels were par to 10ac cheaper for the week. 
Next week, around 47,000 bales will go to auction. “Given the slackening of the buying intensity and pressure seen on the final day of selling this week, a consolidation at best of the market is expected over the next 2 weeks. Chinese interests all depart for the Chinese New Year holidays commencing January 28th, so a more relaxed market environment is expected,” the report said. (RKS)

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