Wool market defies coronavirus as EMI rises by 7c

Wool prices make gains despite ongoing global coronavirus crisis

Wool
LIFT IN DEMAND: The Eastern Market Indicator enjoyed a modest gain at sales in Melbourne and Sydney on Wednesday.

LIFT IN DEMAND: The Eastern Market Indicator enjoyed a modest gain at sales in Melbourne and Sydney on Wednesday.

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The wool market shrugged off more coronavirus gloom on Wednesday with a modest rise in the EMI.

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The wool market has defied coronavirus with the Eastern Market Indicator rising by seven cents on Wednesday to 1440c a kilogram clean.

In American currency terms the EMI climbed 12c to US860c.

Both the Melbourne and Sydney markets made modest gains but Fremantle struggled to make headway despite a pass-in rate of 16.6 per cent.

A total 15,810 bales were offered nationally with 14,035 sold which generated turnover of $21.3 million.

Another 21,164 bales are scheduled for sale today (Thursday).

The finer microns rose by as much as 30c in Sydney where 4305 bales were rostered for sale.

The 17-micron category received strong support. Merino skirtings were 10 to 20c dearer.

The Northern Indicator posted a 9c gain to 1478c.

Down in Melbourne most Merino fleece micron guides rose by 5-10c but 18 and 22 micron lines eased by 10c.

Top lines of Merino skirtings 18 micron and finer lifted by 20c. Crossbred wools made tiny gains of 3-5c.

The Southern Indicator rose by 5c on an offering of 7774 bales with 7.8pc passed-in.

The Fremantle Merino fleece market produced mixed results with the finer microns attracting most support. Prices for 18.5 micron and finer were up by 5 to 15c. But 19 micron and coarser suffered losses of 10-20c.

The main interest in the offering of Merino skirtings was for finer types which pushed up prices for 18.5 micron and finer by 35-40c.

The Western Indicator fell by 27c to 1511c despite a pass-in rate of 16.6pc on the small offering of 3731 bales.

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