The wool market rose again this week, building on successive weeks of gains. The EMI rose 30 cents ending the week on 1,964 ac/kg.
There was no Fremantle sales this week due to the public holiday.
Beneath the positive market result lies an increasingly important structural story. Australian wool supply continues to track at low levels, with this week's offering the smallest seen in 12 months. Although next week's roster will increase with the return of Fremantle, available volumes remain subdued. As a result, buyers are operating in an environment where securing volume remains a key priority.
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This week saw the Australian wool market record successive days of strong gains, with the EMI finishing 54 cents higher at 1,934ac/kg and the WMI closing 39 cents firmer at 2,125 ac/kg.
This places the EMI at its highest level since 9th May 2019.
Notably, the market absorbed both the price increases and the firm Australian dollar, indicating underlying demand within the auction system remained strong. This suggests processors and exporters are focused on securing volume.
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The Australian wool market edged slightly higher this week, with the EMI gaining 4 cents to close at 1,880 ac/kg following the 47th sale of the season. In the west, the WMI eased modestly by 3 cents to finish at 2,086 ac/kg.
While the AUD softened slightly during the week, historically it remains at relatively elevated levels, continuing to present headwinds for the wool trade in USD denominated returns, with the EMI falling by 21 US cents and the WMI by 29 US cents.
The headline again this week was the continued strength in the crossbred and cardings sectors, which remained the best performing areas of the market.
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The Australian wool market eased this week, with the Eastern Market Indicator (EMI) falling 10 cents to 1,876 ac/kg clean, while the USD-denominated EMI mirrored this movement, also declining 10 USc to 1,358 USc/kg clean.
The Western Market Indicator (WMI) recorded the largest regional correction, falling 22 ac/kg and 19 USc/kg.
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