Bids flow from overseas markets to correct wool prices

Wool-bales

18µ micron wool sold up to 1100c/kg greasy or 1532c/kg dry and 19µ micron wool sold to a top of 960c/kg greasy or 1387c/kg dry.

The Australian wool market steadied last week with supply continuing to exceed demand among the estimated 40,641 bales offered across the nation.

Prices took a gentle tumble, with the AWEX Eastern Market Indicator softening 28c on Tuesday and a further 2c on Wednesday to close the week out at 1159c/kg, or in US Dollar terms, 844c.

After Tuesday’s price drops of 34c in Sydney, 24c in Melbourne and 33c in Fremantle, all markets steadied with Sydney closing at 1214c, down a further 4c, Melbourne remaining at 1125c and Fremantle closing out at 1212c, up 4c on the previous selling day.

The national offering remained firm on last week, with a slight dip of 1,346 bales to total an estimated 40,641 bales presented.

The pass in rate closed at 19.7%, up significantly on the previous week, representing the uncertainty in the market although a positive tone was seen to close out the selling week as bids flowed in from overseas markets, correcting the weeks early losses.

Online Offer Board Results

The AuctionsPlus Offer Board had another quiet start to the week, picking up alongside the physical market, selling 364 bales. 18µ micron wool sold up to 1100c/kg greasy or 1532c/kg dry and 19µ micron wool sold to a top of 960c/kg greasy or 1387c/kg dry.

The top priced lot online was 15.7µ micron Merino Fleece Best Seed wool which sold for 1575c greasy or 2103c dry. This 98mm wool has very little vegetable matter of 0.3%, is SG & AEB branded, and was offered by Beecher Wool Services.

-AuctionsPlus

UPCOMING SALES / EVENTS
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