Wool market sniffs at coronavirus as EMI jumps 21 cents

Coronavirus? Wool prices zip up 21 cents in a positive market

Wool
WOOL AWAY: Wool prices rose again today despite fears about the impact of coronavirus on the Chinese and global economies.

WOOL AWAY: Wool prices rose again today despite fears about the impact of coronavirus on the Chinese and global economies.

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The wool market has ended the week on a positive note with the Eastern Market Indicator rising another 21 cents a kilogram clean.

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The wool market has again shrugged off fears about coronvirus with the benchmark Eastern Market Indicator zipping up by 21 cents a kilogram clean.

That means the EMI has jumped 29c during this week's two days of sales in Melbourne and Sydney to finish on 1577c.

Prices have also been on the upward march across the Nullabor in Fremantle with the Western Indicator rising 17c to 1709c.

There were fears this week's sales might turn into a train wreck with the ongoing outbreak of coronavirus causing business and transport chaos in China, the major buyer of our wool clip.

Nationally 30,562 bales were offered this week with 26,027 bales sold for $43.35 million.

The Sydney market continued to trend upwards today with a 90 per cent clearance rate of the Merino fleece lines.

Wools 18.5 micron and finer recorded rises of 20-40c while broader microns added 20-30c.

Merino skirtings 17 microns and finer ended the day up 10-20c.

Crossbred wools were 10-15c dearer across all microns.

The Sydney catalogue of 5637 bales attracted a pass-in rate of 14.1pc

Withdrawn (14pc) and pass-in (14pc) rates helped keep the Melbourne market heading in the right direction.

Overall Merino fleece 17 microns and finer rose by 30-40c and 17.5 micron and coarser closed 20-25c dearer.

Merino skirtings 17.5 micron and finer lifted 40c while all other microns and descriptions ended 25-30c dearer.

Just over 8000 bales were offered in Melbourne with the Southern Indicator climbing 21c to 1555c.

The Fremantle Merino fleece market was generally 5-20c dearer compared with Wednesday's sale.

Merino skirtings sold strongly and were generally 40-45 cents higher.

Next week 42,932 bales are rostered for sale.

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