An overall price rise was experienced in the physical wool market last week which traded on Wednesday and Thursday due to the Melbourne Cup subsequently pausing the wool market.
The AWEX Eastern Market Indicator was up 85c on Wednesday and eased 35c on Thursday to close the week out at 1188c, or in US dollar terms, 853c, up 50c overall on last week.
Week 19 saw a national offering of an estimated 37,108 bales of wool listed, which was a decrease of nearly 7,000 bales.
This reduced offering resulted in the pass in rate sitting at 8.7%, positively shifting after consecutive weeks of supply greatly exceeding demand.
Independently of each other, all national markets opened the week dearer than last, experiencing optimistic market trends to close the week out with Sydney up 55c, Melbourne up 49c and Fremantle up 36c.
Globally, as hard lockdowns recommence across parts of Europe, uncertainty remains in the market with such fluctuations experienced continuing to be routine. Buyers are making last minute purchasing decisions, avoiding longer term strategic choices on long-term stocks as risk levels remain unpredictable.
The AuctionsPlus Offer Board saw increased activity this week, selling 1,807 bales over the last 7 days, rectifying last week’s lows. Online, 15µ and 16µ micron wool sold up to 1520c greasy or 2211c dry.
The 18µ and 19µ micron wool sold to a top of 1191c greasy or 1619c dry. The top priced lot online was 15.5µ micron Merino Combing fleece wool which sold for 1520c greasy or 2141c dry.
This 84mm wool has 0.4% vegetable matter, is ROTHERWOOD branded, and was offered by Australian Wool Network.