After a volatile 2009, the Australian wool market has leapt ahead during the first few weeks of sales this year.
The AWEX Eastern Market Indicator (EMI) rose by 47 cents a kilogram, or nine per cent in US currency terms, during the first week of sales after the three-week break, to settle on 926c/kg – the market’s biggest jump since September 2002.
And the EMI rose again last week by 16c/kg to end the week on 942c/kg.
Landmark north-east divisional wool manager, Chris McDonnell, Newcastle, said it was a fantastic opening to the season in which most wool rose between 60c/kg and 80c/kg during the first week.
Mr McDonnell said the increase was mostly due to the good demand from China – which buys about 70 per cent of the Australian wool clip – and the fact sales had been closed during the Christmas period and supplies were low.
Full story in The Land January 28.
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