EMI dips below 1500c after a tough week for wool prices

The EMI dips below 1500c as wool prices lose ground

Wool
THROWING AWAY GAINS: The wool market has continued its recent downward trend at this week's sales.

THROWING AWAY GAINS: The wool market has continued its recent downward trend at this week's sales.

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The national wool market continued to lose ground this week with the EMI shedding 38 cents a kilogram clean.

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The Eastern Market Indicator has plunged through the 1500 cents barrier at the end of two disappointing days of wool sales this week.

Wool prices haven't been able to find any real stability so far this selling season off the back of ongoing economic and trade tensions around the world headed by the US-China trade war.

Some Australian producers also seem keen to offload wool before Christmas just as the Chinese gear up for their annual lengthy festivities around the China New Year which start on January 25.

Chinese industry largely shuts down so employees can travel around the county to celebrate with their family.

The national pass-in rate reach almost 25 per cent today on a national offering of 20,453 bales.

The EMI finished the week on 1492c a kilogram clean after shedding 21c today and 17c on Wednesday.

AWEX said the Sydney market was weighed down by an offering of 18.5 micron and finer wools which eased by 30-40c across all types and descriptions.

The pass-in rate on a catalogue of 5065 bales in Sydney hit 18.7pc.

Broader microns generally maintained buyer support, ending the day as much as 10c lower compared with yesterday's results.

The Northern Indicator lost 37c during the week to land on 1524c.

A high-pass in rate of 22.4pc on Melbourne's 10,333-bale offering limited the damage as the sale progressed.

Wools 18 micron and finer started the day 50-60c easier and closed 40-45c lower.

Lines 18.5 to 19.5 micron rounded off the day 15-20c easier with 20 micron and broader dearer than yesterday's close.

The Southern Indicator shed 40c for the week to finish on 1471c.

The Fremantle fleece market continued to track downward at the start of the sale but showed a more positive note towards the end of selling.

That rally meant 18 to 22 micron lines were only 15 to 20c easier on average.

Almost 40pc of the fleece failed to reach sellers' reserves with a total 4097 bales catalogued for sale.

Merino skirtings 18.5 micron and finer were up to 10c dearer. The Western Indicator fell 13c for the week to 1604c.

This week's sales earned $50 million taking the tally so far this season to $945m.

The story EMI dips below 1500c after a tough week for wool prices first appeared on Farm Online.

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