Record 63c jump for WMI

The West Australian
The market increase was the biggest since records were kept.
Camera IconThe market increase was the biggest since records were kept. Credit: Countryman

The Western Market Indicator soared to 1567c/kg last week, a rise of 63c, making it the highest for the season and the highest since Australian Wool Industries Secretariat Inc. started recording the data in 2006-07.

The AWEX EMI finished 28¢ higher (1.9 per cent) in Australian currency and 31¢ higher (2.8 per cent) in US currency at sales in Sydney, Melbourne and Fremantle.

There were 28,585 bales on offer nationally, compared with 24,018 bales last sale, and 6.3 per cent of the offering was passed in.

AWEX reports that the value of the wool sold was $43.8 million ($1635 per bale), taking the season total to $2.6 billion.

The market withstood a further increase in the US exchange rate, with the EMI moving up in both currencies and moving back over 1500¢ in Australian dollars.

The EMI has appreciated by 34¢ (2.3 per cent) in Australian currency and by 57¢ (5.2 per cent) in US currency over this sale and the previous one.

There were gains across all the AWEX merino and crossbred micron price guides, with the greatest gains again among the medium merino micron ranges. Merino skirtings had a very good week, while the oddments finished on firm basis.

The US exchange rate finished 0.66¢ (0.9 per cent) higher to close at 76.16¢ on Thursday, taking the two week increase to 2.9 per cent.

The closing US exchange rate was over 76¢ for the first time since the end of March.

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