Wool market ends week on a positive note with EMI up 5c

Wool market shrugs off disappointing start to end week on the rise

Wool
HIT THE BOTTOM?: Growers will be wondering if the wool market has hit the bottom after prices nudged up during this week's final sale on Thursday.

HIT THE BOTTOM?: Growers will be wondering if the wool market has hit the bottom after prices nudged up during this week's final sale on Thursday.

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The direction of the wool market still has everybody guessing with price falls this week after a good start to 2019.

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The wool market nudged up on Thursday after a disappointing week which saw the benchmark Eastern Market Indicator shed 33 cents to land on 1576c a kilogram clean.

The wool market ran out of a bit of steam after three weeks of rises but finished on a positive note on Thursday with the EMI rising by 5c.

Melbourne was the only selling centre operating on Tuesday when the EMI tumbled 14c to slide below the 1600c mark to 1595c.

The EMI tumbled another 24c on Wednesday when the Sydney market came into line with the price falls at the Melbourne sale the previous day.

The story was much the same in the west although the price falls for Merino fleece lines at Fremantle weren't as large.

However, the market settled on Thursday with buyers finding a market level they were comfortable with and prices slowly rose as the sales progressed.

Fremantle recorded increases of 6 to 16c. The Western Indicator lost only 2c for the week to finish on 1685c.

Over in the east the EMI managed a 5c rebound to finish the week on 1576c with demand in both Melbourne and Sydney firming slightly on Wednesday's sales.

A feature of this week's sales was the ongoing strong demand for Merino skirtings.

The Northern Indicator dropped 61c to 1617c while the Southern Indicator shed 17c to 1549c.

This week's hefty national offering of 52,666 bales and dip in prices triggered a 5.5 per cent rise in the pass-in rate to 15.9pc.

The 44,273 bales sold to the trade returned $75.15 million bringing the season's total so far to $1.214 billion.

So far this season 832,035 bales have been offered, down 9pc on the previous year.

Next week a smaller national offering of 40,680 bales are rostered for sale in Melbourne, Sydney and Fremantle.

The story Wool market ends week on a positive note with EMI up 5c first appeared on Farm Online.

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