Some continued relief for the wool market last week as for the second consecutive week the market has experienced gains, promoting an added level of confidence that was not present a few weeks ago.
The market rose 13c on Tuesday and a further 34c on Wednesday to rise to 937c or in US dollar terms 686c.
The pass in rate was considerably low despite the larger offering this week sitting at 5.9%, suggesting that many buyers are looking to take advantage of the low market and fill forward orders in a hope to hedge their position.
With the current outlook still not looking promising it will be interesting to see how the market responds after a strong week, can it maintain a positive trajectory, or will we see another correction.
The online offer board has seen consistent usage this week with a total of 934 bales sold. A late surge in the week saw 103 bales sold on Wednesday and Thursday. 15µ and 16µ micron wool sold up to 1145c and 1150c greasy or 1797c and 1616c dry.
17µ to 18µ sold up to 1085c and 910c greasy or 1476c and 1240c dry. 19µ to 20µ sold to 830c and 690c greasy or 1132c and 988c dry.
Merino pieces sold to a top of 894c greasy or 1563c dry whilst Merino bellies sold to a top of 650c greasy or 1292c dry.
The top priced lot online this week was for 15.6µ micron Merino fleece. This lot is 75mm in length, 3% VM and was offered by Australian Wool Network. Selling for 1245c greasy or 1753c dry this lot was branded BLACKBRUSH.