The wool market has continued its uphill trajectory, edging above 1000c for the first time since early August.
The AWEX EMI rose 59c to 996c on Tuesday and a further 40c on Wednesday to finish the week at 1036c or 739c USD.
The pass in rate has fallen further to 2.6%, indicating a good level of buyer confidence.
The tightened supply that has been seen at the physical auctions in the past few weeks has been a major contributor to the rising market.
Growers may now not be so reluctant to sell at the current prices which could lead to a surge in volume in the coming weeks, with the potential for the market to peak as supply outpaces demand.
With only one market in China currently operating and many external influences having a large effect the current uphill trajectory may not be sustained.
The online offer board may have just experienced its busiest week to date with a total of 1468 bales sold.
The bulk was sold on Tuesday and Wednesday with 645 and 436 bales sold respectively. 15µ and 16µ micron wool sold up to 1245c and 1210c greasy or 1671c and 1673c dry.
17µ and 18µ micron sold up to 1145c and 1000c greasy or 1589c and 2395c dry. 19µ and 20µ micron wool sold up to 900c and 780c greasy or 1210c and 780c dry. 21µ and 22µ micron wool sold up to 800c and 660c or 1083c and 1044c dry.
The top priced lot was returned for 15.9µ micron Merino weaner fleece for 1245c greasy or 1671c dry. This lot was branded the GUMS, is 88mm in length, 0.4% VM and was offered by Australian Wool Network. Merino pieces sold to a top of 1110c greasy and 1746c dry, whilst Merino bellies sold to a top of 1110c greasy and 1642c dry.
-AuctionsPlus