After a promising start to the selling week, Australian wool sales unfortunately got a touch of the staggers towards the close of selling. The first day saw 5 to 10acents clean/kg added to established quotations, as sale room operators keenly sought all wools on offer. As the exporters gradually covered their commitments, a lack of follow up orders halted prices continuing their rise. As prices had escalated, overseas users became more reticent to follow to the full market price and local exporters wanted to cover more of their outstanding commitments prior to booking up more quantity, so a stalemate was reached. Not all types were affected though as the better Merino fleece of good to best style and strength remained under strong competition throughout, although these types are becoming scarcer with each passing week. The comeback and crossbred selection remained strong and prices remained generally positive relative to last week.
Click here to access AWI's Wool Market Weekly Report (pdf 535Kb).