Talks of further Chinese bans threatened the market early in the week with increased buyer demand directing the market to close the week firm.
The physical wool market held firm last week with the Sydney and Melbourne markets regaining early falls.
Tuesday saw the Northern and Southern markets fall from last week’s close, as the Western market followed news from the East prompting the withdraw of 1,245 bales.
All markets gained on Wednesday with Fremantle closing 24c stronger than last week. The mixed bag saw the AWEX Eastern Market Indicator back 33c on Tuesday with gains of 34c on Wednesday to close out the week at 1189c, or 869c in US dollar terms.
The national offering increased to total an estimated 41,987 bales, up by 4,000 bales on the previous seven days.
The increased offerings resulted in an 11.8% pass in rate over the past seven days. Talks of further Chinese bans threatened the market early in the week with increased buyer demand directing the market to close the week firm.
The steady market has not undone the gains of pervious weeks but installed buyer confidence despite rising China-Australia trade tensions.
Online Offer Board Results
The AuctionsPlus Offer Board had a quiet start to the week, selling 605 bales for the period. Online, 16 µ and 17µ micron wool sold up to 1495c greasy or 2004c dry. 18µ micron wool sold, to a top of 1180c greasy or 1557c dry.
A large portion of 20µ micron and over wool sold, to top at 878c greasy or 1238c dry. The top priced lot online was 16.2µ micron Merino Fleece Best Shive wool which sold for 1495c greasy or 2004c dry.
This 100mm wool has 0.9% vegetable matter, is SG & AEB branded, and was offered by Beecher Wool Services.
-AuctionsPlus