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Wool market on rise due to strong Chinese demand

YarnsandFibers News Bureau 2014-01-29 16:15:00 – Australia

Wool market moved up with the strong demand from Chinese. The Eastern Market Indicator regained most of its previous week's losses to close at 1128c/kg, up 17c/kg or 29c/kg more than the same time last year due to smaller volumes and higher demand.

According to the Australian Wool Exchange market report, the EMI is now only 1.5 per cent below the 12-month peak recorded in December.

Volumes fell almost 11,000 bales and there were strong orders from a large Chinese operator and exporters keen to finalise orders before the Chinese new year shutdown.

Most categories of Merino fleece wool gained up to 20c/kg, while some of the best spinner type wools were up 20-30c/kg.

Crossbred wools improved 10-20c/kg, with the 28 and 30-micron indicators nearing three-year highs, according to AWEX.

This week, 43000 bales will be on offer

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