Wool prices in key Australian markets continued sharply higher in May as the stronger Aussie dollar and brisk demand for Merino counts pushed the benchmark Australian Eastern Market Index (EMI) up by more than 13 percent for the month, from $4.24 to $4.59.
The rally continued into early June, with strong demand for all types and descriptions of the fiber pushing prices to finish the week ended June 5 at a peak of $4.81.
However, over the next few weeks the bottom started to fall out of the market with an increase in quantities for sale appearing as if like magic despite the projected decline in shorn wool production.
Prices finished down by almost 7 percent in June, at $4.27, though well above the lows seen in February and March.
