Australian Wool Industries Secretariat says this week's bounce was the biggest weekly lift since October 2006, when the market was moving up at a rapid pace in response to concerns about lack of wool supply, reflecting the onset of poor seasonal conditions.

This week, the EMI lifted by 43c/kg, closing the week on 766c/kg.

It rose by 4c/kg on Tuesday, 11c/kg on Wednesday and then jumped up by 28c/kg on Thursday.

Performance of the regional indicators shows the extent of the rebound, with the following closing values:

• North, up 45c/kg, to 794c/kg.

• South, up 41c/kg, to 743c/kg.

• West, up 53c/kg, to 746c/kg.

The bigger price lift in the west, at Fremantle, reflected the relative scarcity of fine wools in the catalogue there, according to the secretariat.

A fall in the value of the $A contributed to much of the lift in the market.

The $A closed on Thursday night on US63.93c, down US3.37c, or 5pc, compared with its value at the close of last week’s sales.

From the viewpoint of our major customers, the EMI this week has risen by US3c/kg, or 0.6pc for those buying in US dollars.

It has risen by as much as 4pc in euro terms, when compared with export prices at the previous sale.

Cuts in overseas UK and other overseas interest rates helped.

So did the $855 billion Chinese financial incentive package.

43,661 bales were offered this week, compared with 40,160 bales in the previous week.

Only 8pc of the bales offered was passed in, reflecting growers’ relief at, and acceptance of, the price rise.