The changes in the EMI in US and Euro currencies over the last seven weeks are now 94¢ US and 50 Euro cents.
The strengthening of the US exchange rate is due to a weakening of the US dollar against all major currencies.
In a three day sale in Newcastle and Melbourne, the AWEX EMI, decreased by 4¢ on Tuesday, increased by 1¢ on Wednesday, and by a further 2¢ on Thursday. The Western Indicator fell by 5¢ on Wednesday, which it recovered on Thursday.
Although the EMI eased on Tuesday against a strong US exchange rate, the market finished the week on a strong note, with keen demand for the better wools and very high prices of up to 100,000 ¢/kg paid for some speciality ultrafine lots.
Most Micron Indicators were up on Thursday, reflecting the good finish to the week. Skirtings, particularly those with low VM were in keen demand, crossbreds moved back up and oddments were firm after some losses early in the week.
Demand was led by China, with buyers for Europe strong in the Newcastle sale.
Sales will be held in Sydney, Melbourne and Fremantle next week when 73,076 bales are currently rostered for sale. The current forecasts over the following week leading up to the recess show a likely offering of 66,700. The total of both weeks is 16.2 percent above last year, as growers continue to take advantage of current market conditions.
The National Wool Production Forecasting Committee meets next Thursday and will release its latest forecast the following day.
Australian Wool Innovation Limited
marketing@alchempro.com
