Wool indicator’s dramatic drop
Coronavirus has stung the wool industry, with the Eastern Market Indicator dropping dramatically. Here’s what we know.
THE price of wool has plunged in the first week of sales following a mid-year recess, dropping about 40 per cent on last year.
The Eastern Market Indicator closed at 1006c/kg this week, down 700c/kg compared to the 1700c/kg recorded same time last year.
The EMI has dropped 11 per cent on the 1134c/kg recorded in late July, before the industry entered a three week recess.
According to the Nutrien wool weekly report, COVID-19 volatility continues to plague the market, wreaking havoc for global textile demand.
This week’s national offering lifted by 7502 bales to reach 42,734.
But the national pass-in rate jumped to 30.1 per cent.
More to come.
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