The Eastern Market Indicator (EMI) increased by 24 on the first day of sales but decreased by 4 on the second day of sales to complete the week at 1468. The Australian dollar fell again this week to US$0.7546, while the EMI in the US rose 4% on the previous week to 1,108.
The wool market is now again heading upward
This week saw no sales in Fremantle, but they will resume next week. With a 5.1 percent pass in rate, 31,635 bales were sold for the week, about 9000 bales fewer than the previous week. With 19 MPG and below rising between 10 and 84, the finer end of the clip outperformed the rest of the categories. The 16.5 MPG in both Melbourne and Sydney stood out, jumping 84 and 68 percent, respectively.
Andrew Woods of Mecardo examines excellent Merino and cashmere pricing. Cashmere prices have been growing since mid-2020, but there is still possibility for future increases. This is good news for Australian fine wool farmers because the 16 micron fleece price has typically traded between 10% and 20% of the cashmere price since the mid-1990s. Cardings increased by 2 in Sydney and by 5 in Melbourne.