WOOL prices lifted this week, pushing Australia’s eastern wool market indicator to its highest level since 2019.

The Australian Wool Exchange said the wool market recorded overall gains across both auction selling days this week.

Brokers offered 37,301 bales and 35,417 were sold, with a 5.1 percent passed-in rate again showing the willingness of sellers to accept the prices on offer, AWEX said.

“On the opening day the movements in the Micron Price Guides (MPGs) for Merino fleece ranged between minus 4 and plus 32 cents.

“The skirtings were irregular, while the crossbreds recorded modest falls,” AWEX said.

“The benchmark Eastern Market Indicator (EMI) finished the day 12 cents higher.

“The second day recorded very little change across all three centres, the EMI rose by 4 cents.”

AWEX said this pushed the EMI up to 1,693 cents.

“This is the highest the EMI has been since August 2019.

“The EMI has been trending higher since the beginning of November.”

AWEX said there has been 22 selling days since the 4th of November and the EMI has risen on 19 of those days.

“The EMI has added 276 cents across these sales, an increase of 19.5pc.

“When viewed in USD terms the increase is even more substantial,” AWEX said.

“Since the beginning of November, the EMI has gone up by US272 cents, recording a decrease across only three of those days. This equates to a 29.7pc rise.”

AWEX said the EMI is now sitting on US1205 cents, putting the EMI in USD terms at its highest point since July 2019.

Some large gains in the oddment market, particularly in the west on day one, have helped to push the Merino Carding Indictors (MC) up again, continuing the upward trend, AWEX said.

“Across the three regions the MCs climbed by an average of 28 cents.”

Next week the wool market heads into a recess for Chinese New Year. Sales will resume in the week beginning Monday the 23rd of February.

Completed forward wool trades this week

Source – AWEX and Southern Aurora Markets.