EMI roars up by 79c as wool prices keep rising

Lively bidding pushes EMI to 1637c as wool market rips into 2020

Sheep
MARKET ACTION: The wool market has roared into 2020 with the Eastern Market Indicator adding 79 cents to end the first sales of 2020 on 1637c a kilogram clean.

MARKET ACTION: The wool market has roared into 2020 with the Eastern Market Indicator adding 79 cents to end the first sales of 2020 on 1637c a kilogram clean.

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The wool market has opened 2020 on a positive note with the EMI lifting 79 cents to 1637c a kilogram clean.

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The wool market has roared into the new year with the benchmark Eastern Market Indicator jumping 79 cents to finish at a healthy 1637c a kilogram clean.

Some pundits had predicted a strong start to the 2020 sales and they were quickly proved right with lively bidding on an offering of 14,165 bales in Sydney and Melbourne.

The EMI had finished last year on a high with a rise of 55 cents to finish 2019 on 1558c a kilogram clean.

More encouraging words from US President, Donald Trump, about the further easing of trade tensions with China saw buyers more confident about wool's future.

The end of the confidence-sapping Brexit saga has also lifted market sentiment.

Buyers were still brimming with confidence at the opening of Sydney's first sale of the year which resulted in rising prices and a 99.7 per cent clearance, according to AWEX.

The Northern Indicator soared by 81c to 1680c a kg.

Wools 18.5 micron and finer recorded increases of 100-120c while broader microns were generally 100c dearer across all types and descriptions.

Merino skirtings followed a similar path to fleece, recording increases of 80-100c across all microns and descriptions.

Crossbred wools ended the day as much as 10-20 cents dearer across all microns.

The story was the same in Melbourne with significant gains across all microns and descriptions. The Southern Indicator finished the day 77c higher on 1610c a kg.

Wools 16.5 micron and finer improved by up to 140c. All microns 17 to 22 microns increased on average by 115c for the day.

Merino skirtings recorded on average of 50-60c.

Early rises for crossbred wool of 20c eased as the sale progressed closing for all microns up by 5c.

China has accounted for almost 80pc of Australian wool exports during the selling year to date.

Almost 85pc of wool exports 19 microns and finer went to China. Australia exported to 27 countries in the July to November period.

A total 21,375 bales are rostered for sale tomorrow in Sydney, Melbourne and Fremantle.

The story EMI roars up by 79c as wool prices keep rising first appeared on Farm Online.

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