The Australian wool market made consistent and sustainable steps forward last week, after months of yo-yoing up and down.
Reports of China and Europe buying for their next winters season have seen smaller pass-in rates sitting on average 7.7%, while the AWEX Eastern market indicator gained 14c on both Wednesday and Thursday to close off the week at 1545c.
The West indicator also saw positivity gaining 21c and 30c to close at 1651c. Buyers and exporters sought wool on line seeing 810 bales sell throughout last week on AuctionsPlus.
Online 14µ and 16µ micron fleece wool sold up to 1465c and 1604c greasy or 2216c and 2013c dry, while 17µ and 18µ micron fleece wool sold up to 1435c and 1390c greasy or 1952c and 1844c dry. 19µ and 20µ micron fleece wools sold to 1333c and 1328c greasy or 1752c and 1740c dry.
The top-priced lot online last week was a line of 15.2µ micron AAA Merino fleece wool, with the very low 0.3% vm, and was 92mm in length. This lot was offered by Elders Melbourne, branded WATTLE BANK and sold for 1620c greasy or 2115c dry.
Merino locks were topped by a 6.4µ micron line which was offered by Australian Wool Network and branded H/SUMMERHILL, selling for 645c greasy or 1173c dry.
Merino pieces sold to 850c greasy for a 19.2µ micron line. Looking forward there is an estimated 41,000 bales to be offered across the country.
Reports are that the market will be positive this week, what remains to be seen is whether the current smaller rise trend will continue giving growers a signal of sustainability, or will we see massive upswings which could become a downturn just as easily.