Wool prices fall to lowest level in eight years
The Eastern Market Indicator for wool has fallen even further, after tumbling to its lowest level in eight years. It comes as the amount of wool in storage grows.
UPDATE: The Eastern Market Indicator continues to decline, losing 10c/kg overnight to sit at 929c/kg.
It comes after weeks of depressed prices and tentative buying at auction houses, driven by ongoing coronavirus instability.
The EMI was sitting at 1375c/kg August 30, 2019, according to The Schneider Group data.
Speaking to The Weekly Times this week, Independent Commodity Services analyst Andrew Woods said the last time the EMI dipped below 1000c/kg was in late 2012.
Mr Woods estimated about 20 per cent of wool production at present could be in storage at brokers’ stores, and could increase if prices continued to tumble.
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