Australian wool prices soar in first week of 2022
The Eastern Market Indicator (EMI) climbed 31 acres to 1,389 acres/kg clean, representing a 2.3% addition to wool prices ahead of the New Year. USD, EMI accelerated well above AUD levels as exchange rates (of all) currencies added export value. USD EMI gained 47usc to 1013usc/clean kg and the Western Market Indicator (WMI) added 31ac to 1439ac/clean kg, the Australian Wool Innovation Limited (AWI) said in its commentary for the sell week 28 of the current wool marketing season.
From the start of the sale, buyers were determined to replenish stocks after the three-week break in sales. Local merchants in particular were showing confidence and this was reflected in the way they were absorbing relatively large volumes of wool at the present time and, indeed, in the resulting higher values due to competition at auction of the week.
The opening week of the 2022 Australian New Year wool auctions produced value gains across all wool types and descriptions on offer. The market started off on a more expensive firm basis and held on to this more expensive model throughout the sale. While merino fleece led the charge higher, skirt, dipped and carded types also saw positive gains.
“Market support was also evident from major Chinese operators, but in most cases these parties were simply overtaken by tenders this week by local exporters. Interest from top European manufacturers was strong for cross wool types, with a large majority of the best wools in this type sector heading in that direction,” the AWI commentary added.
Merino fleece wools were all more expensive by 35 to 70 acres, with the greatest gains being made on wools below 17.5 microns. The lighter VM (vegetable material) baseboards were well sought after for being 40 acres more expensive, but all other lots in this category received 10/20 acre increases. Cross wools and cardings were 15-30 acres more expensive with euro interest (xbd) and local processor (card) dominating.
Next week’s sales are expected to come in at around 47,500 bales, with Melbourne again offering a three-day sales streak.
Fibre2Fashion (KD) News Desk