Wool mar­ket teeters at 1522c

Countryman - - WOOL - Bob Gar­nant

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.

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