WOOL'S eastern market indicator (EMI) has remained unchanged at auctions so far this week, despite another 2pc lift in value of the $A, with the EMI closing on 830c/kg.
The $A exchange rate rose to US76.7c by Wednesday's sales this week, compared with its US75.38c at the close of last week's sales.
So the EMI, when expressed in $US, has risen by nearly 2pc in the eyes of our major customer, China, and others buying in $US.
Despite no further lift in the EMI at auction, the good news is that the strong ongoing demand for wool appears to be continuing, even though the full benefit is not flowing back to wool growers via prices in the auction rooms in Australia.
And it does consolidate last's week's 1.2pc rise in the Australian wool market, which the Australian Wool Industries Secretariat described as 'continuing on a strong path, with rises across all micron ranges and types, despite the further strengthening of the $US and euro exchange rates'.
On Wednesday, Fremantle's western indicator firmed by 1c/kg, to 796c/kg.
Australian Bureau of Statistics export data for March released last week show 83pc of all Australia’s wool exports went to China during the month – the highest ever.
India moved into second place (5.6pc) over Italy (4.1pc) on a monthly basis.
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