Weekly wool report: EMI has similar week’s results: 12/11/18

Photo: File. 
Demand: The crossbreds, while experiencing some losses to indicators, had a relatively firm week. Photo: File.
Photo: File. Demand: The crossbreds, while experiencing some losses to indicators, had a relatively firm week. Photo: File.

Week Commencing 12/11/18

A continued downward track was seen in week 19 with the Eastern Market Indicator dropping 78 cents to finish the week at 1,776 cents/kilogram an extremely similar EMI to last season week 36 in March 2018, where the indicator closed at 1,778c/kg.

The national offering was 32,189 bales and is down 15.2 per cent comparative to last season due to continuing dry conditions across the country.

The 17-micron indicator for the north dropped 60 cents to finish the week at 2,495c/kg.

The 19- micron indicator fell 129 cents closing at 2,109c/kg and the 21-micron indicator finished at 2,043c/kg after decreasing 96 cents.

The crossbreds, while experiencing some losses to indicators, had a relatively firm week, a result of good buyer demand, with the 26-micron indicator lowering 46 cents to finish at 1,143c/kg.

While the 30-micron indicator dipped 25 cents to close the week at 636c/kg.

The cardings indicator for the north had a decrease of 25 cents finishing at 1,020c/kg which was significantly lower compare to the other selling centres.

Chatter around the recent market movements has suggested that it may be close to finding a base at surrounding levels as processors start to move through their carding stock.

It is believed that once the cardings are able to find more support within the market that the combing wools and crossbreds will become relatively more stable as well.

Optimism is still high from Europe, especially weavers, with good types keeping a high strength expected to remain relatively firm.

China currently has concerns surrounding 21-micron wools revolving around their continued high prices as a result of continued low supply.

Quantity will increase for week 20 with 39,883 bales on offer nationally. Sydney will offer 10,161 bales, Melbourne will offer 21,419 bales and Fremantle will offer 8,303 bales across the two selling days.