EMI drops 12 cents

After two weeks of being unchanged overall, the Australian wool market fell this week with the AWEX Eastern Market Indicator (EMI) dropping 12 cents to close at 1,330c/kg.

Although a smaller offering of 35,538 bales attracted strong demand, it was apparent from the opening lot that prices were below last week’s levels as the market continued to slowly fall as the sale progressed.

The largest drop in prices was seen in the South for Merino fleece types 19.0 micron and finer, reflected in the individual Micron Price Guides (MPGs) for those falling 40 ‑ 76 cents.

In the North, which was also a designated Superfine sale, the losses were not as large, with some MPGs recording positive movements.

The movements in these MPGs, combined with small overall losses in the skirting, oddment and crossbred sectors, were what resulted in the AWEX Eastern Market Indicator (EMI) dropping overall.

After opening the 2022/23 season at 1,430c/kg, over the six sales held so far in the new season the EMI has dropped by a total of 100 cents, a fall of nearly seven per cent.

When compared to the corresponding sale of 2021/22, the EMI is trading at a very similar level, currently sitting two cents lower.

Quantities for next week are expected to rise, with there currently rostered to be 39,562 bales on offer in Fremantle, Melbourne and Sydney.