When will wool pain stop as EMI sheds another 11c a kg?

Wool's EMI dips below the 1500 cent barrier as price dive continues


Sheep
WOOL WOES CONTINUE: The eastern market indicator (EMI) lost another 11 cents a kg clean at sales in Melbourne and Sydney to dive through the 1500c barrier.

WOOL WOES CONTINUE: The eastern market indicator (EMI) lost another 11 cents a kg clean at sales in Melbourne and Sydney to dive through the 1500c barrier.

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Hopes the wool market might be about to stabilise were dashed at sales today with the EMI losing another 11c.

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The benchmark eastern market indicator (EMI) has plunged below the 1500 cents a kg clean barrier after shedding another 11c at sales in Sydney and Melbourne today.

Although this week's losses in the EMI of 16c are nothing like last week's bloodbath, many in the industry are anxiously wondering when the nosedive will stop.

The average pass-in rate at today's two sales was 15.8 per cent, slightly less than Tuesday's 16.3pc.

A total 13,819 bales were offered with 11,638 sold for a turnover of $19 million.

The Sydney offering was only 4425 bales with a pass-in rate of 12.9pc.

The day's high price was 1852c greasy for 17.4 micron fleece.

AWEX said selected best style (MF4) wools in the 18.5 micron and finer range were discounted when compared with Tuesday's rates.

The broader micron range eased by as much as 10c across all types and descriptions. Merino skirtings ended the day 20-30c dearer across all microns.

Crossbreds recorded increases of 20-30c across all microns.

A bigger catalogue of 9394 bales in Melbourne saw 7853 sold with a pass-in rate of 15.9pc.

AWEX reported that early gains softened as increased quantities of both low yielding wools and higher priced wool lost favour.

At the close of selling 18.5 and finer had fallen by 25-35c while 19 micron and broader wools eased back by 15c.

Crossbred wools produced a second day of positive results with all microns adding 5-10c.

The top price was 1730c greasy for a 14.9-micron lot.

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