Wool market teeters at 1522c
The Eastern Market Indicator finished at 1522c, 3c lower last week when 39,184 bales were on offer.
AWEX reported the value of the wool sold was $65.8 million ($1827 per bale), taking the season total to $708.1 million, 25 per cent above the value at the end of the first quarter last season.
The Western Market Indicator was down 2c/kg to close at 1570c/kg clean.
National Council of Wool Selling Brokers of Australia executive director Chris Wilcox said superfine Merino wool rose by between 5c and 15c over the week, but prices for 21 micron wool fell by 16c/kg, while crossbred wool prices also declined.
“AWEX reported that there was an unusually large proportion of Merino lots with a high per cent of midbreak, which held the market back,” he said.
“The $A dropped by US1.8c to 78.2 USc, the lowest since early July.
“As a result, the EMI fell by US30c to US1190c/kg.”
Mr Wilcox said a recent ABARES report predicted that the value of Australia’s wool exports would lift 13 per cent to $4.09 billion.
“If achieved, this will be the largest annual export value for wool since 1994-95,” he said.
Elders said the wool trade was questioning if wool prices would be maintained at current levels, or see a major correction.