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Australian Wool EMI rises by 18 cents

The Australian Wool Exchange Eastern Market Indicator (EMI) rose 18 cents per pound last to close at $14.81, following a three-week seasonal break in sales, amid a drought that’s hindering supply. The price-rise is being led by Merino fleece and skirtings. European countries top the list of buyers for Merino fleece types of wool.

The strong support for these wool from both Italian operators and forward sellers eventually forced Chinese buyers to accept prices are not likely to fall further and they need to join in to secure immediate supply requirements. According to AWI weekly market summary, foreign exchange rates of the US dollar versus the Chinese yuan continues to be the major influence in a much of the negative sentiment around the wool price emanating out of China.

As AWI states, the rate has seen the value of the dollar appreciate by almost 10 percent against the yuan in just a few months. At the same time, the exchange rate of the US dollar versus the Australian dollar has remained stable, trading in the 0.736 to 0.747 range for two months. AWI adds that continued price strength will help alleviate drought affected growers feeding costs to help ensure future wool production.

 

 
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