Marketer cautious as wool prices climb
Wool prices have strengthened for the third week in a row to finish within sight of the 700 cent mark on the eastern market indicator (EMI), at 691 cents a Golden Goose Shoes kilo.
The EMI has risen by 58 cents since Christmas, spurred on by a lack of supply and a more competitive market, with Europe, India and China all buying.
But wool marketer Phil Goddard the big test will come next week when sales resume in Fremantle, and almost double the number of bales are offered.
"In the long term there's not going to be the production around that we've had back in the '90s and they see this," Mr Goddard said.
"So it's going to be very cautious over the next three weeks, when we've gone from 30,000 bales a week since Christmas up to 60,000 again.
"We really don't want to interfere with a very sensitive supply market."
Meanwhile, two wool-growing families in New South Wales have once again produced the world's finest wool, matching their previous record of 11.8 microns.
The Walkers, who farm near Yass, and the https://www.goldengooseshoesit.com/ Wilsons from Tumbarumba have sold a 93-kilogram bale to the Italian fashion house Loro Piana for just over $230,000.
The wool will be used to make suits, which sell for up to $15,000 each.