News

Start of a new season sees wool price rise

By Jamie Salter

Wool prices have turned around with the start of a new season, according to Australian Wool Innovation's weekly wool market summary.

The AWI Eastern Market Indicator lifted 18 cents, closing week two of the 2020-21 season at 1134¢/kg.

This was the second consecutive week the EMI has risen, gaining 24¢ over this time.

Out of 35,262 bales offered nationally last week, 33,080 bales were sold — up 4441 bales on the previous week.

The national clearance rate was 93.8 per cent, as buyers secured quantities to fill upcoming export orders.

The increased demand helped to push prices higher across most Merino fleece types.

The individual Merino Price Guides (MPGs) across all three centres (Fremantle, Sydney and Melbourne) generally rose by 5-92¢, the 17.5 micron MPG in the south recording the largest increase for the series.

Finer lots were dearer and broader lots cheaper than the previous week with fine (≤18.0 µm) MPGs gaining 39-63¢ and broader (≥19.5 µm) MPGs rising 14-51¢.

The Southern Regional Indicator added 30¢ to 1108¢/kg clean, while the Southern Merino Carding Indicator lost 21¢ to 832¢/kg clean.

The Melbourne pass-in rate was 6.2 per cent with 1000 bales withdrawn.

Week two was the last week to purchase wool before a three-week winter recess.

Sales will start again on Tuesday, August 4.