Amidst global concerns of the second wave of COVID-19, many financial markets took a dive. However, the wool market took small but positive steps forward.
Reports of exporters selling, along with commission orders direct from China; coupled with the need for wool over the three week July recess have been the factors at play this week.
The AWEX EMI rose 4c and 2c on Wednesday and Thursday respectively to see the indicator rise to 1116c.
In US dollar terms the indicator rose 1c over the week to rise to 772c. While the West Australian indicator rose 9c to climb to 1185c.
Online Auction Results saw 37 bales offered by Jemalong Wool, with the physical auctions closing on a strong note buyers looked online. The sale saw the usual buyers in attendance along with several growers and brokers.
The top priced lot was a line of AAA merino 16.6µ micron weaners fleece wool, which sold for 975c greasy. While 15µ and 17µ micron fleece wool sold up to 958c and 789c greasy.
Online Offer Board Results: The positive market sentiment saw buyers demand spill over online to AuctionsPlus to see 69 bales sell over the last 7 days. 18µ and 19µ micron fleece wool sold to 785c and 735c greasy or 1328c and 1161c dry.
The top priced lot sold on the Offer Board was a line of AAA Super Fine 15µ micron fleece wool. This lot had the very low vm of 0.5% and 89mm in length.
This line was branded GLEN STUART, offered by Roberts of Tasmania and sold for 1670c greasy or 2215c dry.
Looking forward, the last week ahead before the three week break should open with a similar positive position. The question remains how far forward are oversea’s mill looking, with global economies and markets still under a cloud of uncertainty.