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wool Market Report
11 May 2007
The third test…
- This is the third time that the Eastern market indicator has tested this level. The highest the EMI has been in this season (and since early 2003) is 962 recorded back in mid Jan and Mid March this year. Can the wool market break upward into new territory and set a new highest indicator in over 4 years?
- It seems recent smaller Auction offerings, and some renewed buying interest from China (probably sparked from the fall in the Australian dollar) has been the driving force behind the lift in prices this week.
- Large gains of up to 45 cents clean were recorded across all microns. 20 to 23 micron wools were well sought after. Fine wools, while still recording positive gains, did not lift as much as the medium wools due to the comparable higher supply of fine to medium wools.
- The EMI, 20 and 21 micron indicators are now above the 90% decile. The Australian dollar has eased back below the 83 US cent level and is no longer in an upward trend.
- Clearance rates were high this week due to the rise in market prices. Under 4% of wools offered were passed in.
- Major auction buyers this week were Itochu wool (3,988 bales), A.S. Gedge (3,296), and Techwool (3,244 bales).
- Wool sales resume next week in Sydney, Melbourne and Fremantle, over 2 days with a total offering of just over 52,000 bales.
- 100,000 c/kg Ultrafine bale…
- Landmark Goulburn sold privately last week a bale of Ultra fine wool for an amazing price of 100,000 greasy cents per Kilo. The bale, branded Hillcreston/Pinehill testing 12.4 micron, 74.8% yield and measuring 70 mm 53 nkt was purchased by Associated Wool Exporters on behalf of Cheil Industries Korea
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For further information on the wool industry email Landmark or see the Landmark website.
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by Peter Tustin
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