Week 16 - October 2022
Eastern Market Indicator (EMI)
Eastern Market Indicator (EMI)
Microns
AWEX Auction Micron Price Guides
Sales held Tue 18th Oct & Wed 19th Oct 2022
Offering (Aust. Only)
Offering (Aust. Only)
Sales Week 16: 21st October 2022
Currency Movements
Currency Movements
Sales Week 16: 21st October 2022
Forecast
Forecast
Scheduled Australian Wool Auction Sales
AWI Commentary
Positive sentiment continues to drive the wool market with the largest weekly rise in 16 months this week as the benchmark Eastern Market indicator (EMI) lifted 52 cents to 1323 c/kg clean.
As opposed to last week, the EMI when expressed in US dollar terms, also lifted, by 42 cents to 836 usc/kg and this demonstrates the real driver of rising wool prices for this week was demand.
Merino fleece lines typically lifted 30 to 90 cents with better styled and better testing wools lifting by well over 100 cents per kilogram for the week with cardings lifting by up to 40 cents also. Buying activity was very positive from the outset and remained strong throughout the two day selling week and when bidding stopped in the west, the Western Market Indicator WMI had risen to 1469 c/kg, up 62 cents for the week. Overall just 95% of the 34,000 bales offered were cleared to the trade from vendors.
Buying was keenest from the global trading export companies this week with both Indian and European interest setting the market pace at the top end which resulted in China orders having to follow to get the final batch specifications correct. This was evidenced in the large price premiums paid between the lower and higher Cvh (co-efficient of variation hauteur-top length). In many micron groups the differentials extended way past the 100ac mark for the lower calculated cvh sale lots. The largest China top maker was again the most visible Chinese destined orders at auction.
Pleasingly the crossbred part of the trade also lifted with the 28 micron indicator gaining 25 cents in both selling centres but is still a long way south from its 5-year average as is around half the price it was this time two years ago.
Next week will see a bigger test for the market with 40,600 bales up for sale across Australia.
