Wool market report
A spike in the market over the previous few weeks resulted in a surge of extra wool coming onto the market this sale.
There were 53,248 bales offered, an extra 18 percent when compared with the estimate for this series a fortnight earlier, making it the largest total since January.
The five-year high for the AWEXEMI achieved last week was shortlived, with an abrupt drop in prices from the opening lot.
Melbourne sold in isolation on Tuesday and provided a bleak outlook for the week when prices tumbled 30 to 60 cents. Selected low cvh lots attracted most of the reduced support while off-types and lots out of specification were neglected.
The other two selling centres followed suit on Wednesday when they came online, however, Melbourne was more optimistic and showed a firming tendency and less volatility.
Thursday continued to improve and consolidate on the previous day’s levels, increasing by 10 cents. Next week is the final sale before the annual three week Christmas recess and quantities increase to 56,122 bales.
On the local front a big increase in XB LMS shearing has seen prices come under pressure, in particular the 27 micron plus categories. Auction sales of note this week for local clients were – 17.0 0.3 71.2 – 1205 cents, 17.5 0.5 69.3 – 1194 cents, 20.1 4.5 65.0 – 901 cents.