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 Wool’s EMI lifts another 2.2pc on Wed 

Wool’s EMI lifts another 2.2pc on Wed

20 Aug, 2009 09:37 AM
THE wool market has continued strongly this week, for the third week in succession, when sales resumed on Wednesday.

The eastern market indicator rose by 2.2pc, to 821c/kg.

It's now jumped by 7.3pc in the past three weeks.

In Sydney, the northern indicator lifted by 22c/kg, to 844c/kg, on the first day of a two-day sale.

In Melbourne, the southern indicator rose by 14c/kg, to 803c/kg, also on the first day of a two-day sale.

In Fremantle, the western indicator provided the strongest rise among the states, up by 23c/kg, to 805c/kg, in a one-day sale.

It's another smaller offering this week, with 35,467 bales rostered nationally.

Last week, the wool market finished 3.5pc higher on average, as the $A exchange rate weakened slightly from recent highs, and competition for wool remained strong.

The EMI rose by 29¢/kg, ending the week at 803¢/kg - the first time the wool market has been above 800c/kg since late May.

At the start of August, the EMI was around 765c/kg.

Callum Downs commodity analyst Malcolm Bartholomaeus said this week growers should look forward to an up turn in prices in the short term.

"At this stage in the market growers should not feel pressured to sell knowing there are tight wool supplies," he said. (See separate story).

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comments


Date: Newest first | Oldest first
Hmmm, George (big mac?), what on earth is happening here? AWI says no to the deadline, and yet, up goes the price of wool? It's just not possible, is it?
Posted by jim hawkins, 21/08/2009 8:15:00 PM

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