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With renewed demand, wool prices recover

A surge in demand for 19 micron and finer wool helped lift the Awex benchmark Eastern Market Indicator 10 cents back to 1300 c/kg this week, said a report of the Australian Wool Innovation Market. Awex senior market analyst Lionel Plunkett revealed that delayed shearing due to widespread wet weather as well as a public holiday in three states contributed to a small national total of 27,627 bales this week.

Brokers passed in 5.4 per cent of the 36,849-bale offering with the $A-US exchange rate at US76 cents and the EMI in US dollar terms down 5 cents to US 988 cents. This is said to be the smallest total for a sale in the July-to-December period in three years, Plunkett added. After eking out a 3-cent increase last week, there was further recovery of this sale.

This lifted the Awex-Emi to a 10 cent gain and closing the week back at 1300 cents. Further, the report said that an unseasonal lack of quantity due to adverse weather conditions combined with a spike in demand for prompt to near-shipment has led to the evener pricing.

 
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