ABC News: Emma Brown, file photoThe embattled Australian wool market is back in the black after the Eastern Market Indicator gained a record $1.70 a kilogram this week.The lift takes the EMI back up to $15.35/kg, up dramatically from a fortnight ago when it reached $13.
"With the confidence came strong, spirited bidding from all major players, resulting in large price increases.There were 21,839 bales offered with only 6.2 per cent passed in.It was a significant turnaround for the market considering that just a fortnight ago more than 30 per cent of bales were passed in at auctionMajor price gains were made across Merino fleeces with the 19 to 21-micron categories rising by $1.60 to $3/kg.
"There is a more a neutral or slightly positive tone coming from China now as opposed to the pessimistic tone we have seen in the last six to eight weeks," Mr Lamb said. "There are nervous exporters who are trying to cover orders or buy a little bit of stock. And with a lower supply than normal at this time of year, due to the drought, there was more competition in the market.A sign of the reduced supply saw just one auction at Sydney this week, while Melbourne and Fremantle maintained two days of sales.
Check that price again - What ?
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