The recent Delta epidemic in China has had an impact on the Australian wool market, with the Eastern Market Indicator (EMI) losing 37 cents this week to close at 1335 cents per kilogramme, clean.
However, analysts argue that COVID is not the only factor influencing the market.
As a result of the previous week’s market declines, the national offering fell to 34,425 bales (down 14,758 bales from the previous week).
The price of Australian wool fell by 20 to 102c on the first day of selling. Industry analysts have reported the economic outlook in Asia has deteriorated in the short-term as the latest COVID Delta outbreak sweeps through populations around the globe. The latest outbreak in China appears to be widespread and will impact the economy, industry experts say.