The market recorded sharp upward movements this week, with many exporters reporting strong interest from their overseas clients.
This buoyed buyer confidence, which in turn lifted sentiment in the sale room. From the opening lot on the first day,it was immediately apparent that large price increases were on the cards.
The market opened higher and continually rose as the day progressed, so much so that Fremantle selling last, generally closed at price levels higher than the Eastern centres.
By the end of the day the individual MPGs across the country had risen by between76 and 144 cents.
These rises combined with gains in all other sectors, pushed the NRI up by 96 cents. The second day saw the market continue to rise in the eastern states, but at a much more subdued rate, with the MPGs in Sydney and Melbourne recorded movements of -2 to +15 cents.
By the close of the series, the NRI had gained 112 cents, to close at 1369. However, the market could not sustain its upwardpath with a noticeable softening in Fremantle who were selling last.
Their MPGs dropped by 29 to 82 cents for the day, with 20 micron and broader most affected.
-Jemalong Wool