Weekly Wool Market Report
Season 17 | Week 28
Source: Australian Wool Exchange (AWEX)
Sales resumed this week after the annual three-week Christmas recess, with a large national offering of 51,379 bales.
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There were sharp rises over the three days as the market continued with the rally noted in December.
The Australian Wool Exchange eastern market indicator jumped 67 cents for the sale to 1422.
This is its highest level in five and a half years and only three cents short of the all-time high in 2011.
Sentiment on the first sale day of the new calendar year was extremely positive from the outset.
Melbourne sold in isolation on Tuesday. Sydney and Fremantle joined the selling roster on Wednesday and the rises continued.
Thursday was more subdued, but still managed increases of 20 to 30 cents.
Net results for the week were widespread increases of 70 to 150 cents.
The finer microns enjoyed the most support.
They extended their premiums over the broader microns, which had less extreme rises.
Buyers scrambled for quantity for most of the week, pushing lower spec types along with the better types.
It was only on the final day when buyers became more selective and some of the lesser types saw a slowing in their momentum.
Merino Skirtings followed fleece types higher, rallying 50 to 100 cents with the superfine types most affected.
In line with pre-Christmas trends, the crossbred market was again fairly lacklustre compared to the merino catalogue.
The finer microns were reasonably steady but 30-microns and coarser fell as much as 30 cents.
Although the rises were more sedate than the fleece sector, the oddment market performed very strongly this week.
Merino Carding indicators in all three centres rose on every selling day.
The lift of 30 to 40 cents pushed all three carding indicators to record levels.
- Elders National Wool Selling Centre: telephone 03 8325 7000