THE Eastern Market Indicator (EMI) has jumped 30 cents this week, pushing above 1000c a kilogram for the first time in four weeks.
Buyers chased the reduced offering with the EMI pushed higher each day with 15c rises which resulted in the EMI closing at 1022c/kg yesterday.
It was the first time in eight months less than 35,000 bales have been offered - the third smallest auction for the season, according to Australian Wool Exchange (AWEX) data.
AWEX figures show the 19 micron indicator at the southern sales gained 57c to finish at 1195c/kg, while the 19.5 micron indicator also in the south firmed 54c/kg to close at 1179c/kg.
In the north, the biggest gain was made by the 17.5 micron indicator, which rose 54c/kg to finish at 1280c/kg.
Crossbred fleeces failed to attract the strong buyer competition the Merino sector did with the best gain only 8c/kg at the northern sale for 30 micron wool which closed at 546c/kg.
Coarser wools in the 32 micron range at the southern sale lost 3c/kg finish at 462c/kg.
The Merino carding indicator also lost 2c/kg at the northern sale to finish at 743c/kg.
AWEX senior market analyst Lionel Plunkett said helping to boost prices this week's market was the weakening Australian dollar which fell 3.5c, the largest sale-on-sale fall since December 2011.
Mr Plunkett said the last time the EMI was over 1000c was April 23, and the last time it was over the current level was April 9 when it reached 1047c/kg.
It began a downward spiral the following day when it bottomed out to 1007c/kg.
The most active buyer this week on the Merino fleeces was Techwool Trading which secured 15.2pc (2,923) of the bales offered.
Modiano bought 20.4pc of the Merino skirting bales (1010).
Also on the improve is the passed in rate, which fell 4.2pc as only 4pc of the 34,617 bales offered this week were passed in.
AWEX expects the offerings for the next two weeks of sales to climb above the 35,000 bale mark.