Weekly Market Report

Mark Dyson, Managing Director

Mark Dyson

Wool market strengthens

It was another strong week for wool, as the market responded to the Australian cash rate hitting record lows of 1.75 per cent, which in turn impacted the exchange rate.

A total of 35,914 bales were offered to the market and only 5pc were passed-in, with the Eastern Market Indicator (EMI) coming to a close 27 cents per kilogram firmer at 1268c/kg clean.

Prices lifted as much as 40c/kg on the first day of selling and once again, the most stylish types, with low vegetable matter generated the most attention from buyers.

Finer Merino fleeces gained up to 38c/kg in the south, and the 16.5 micron guide closed at 1545c/kg after seeing an increase of 30c/kg for the week.

Merino skirtings firmed on both days, coming to rest about 40c/kg better-off, while cardings also strengthened and closed 12c/kg higher in the south.

While the results for crossbreds were more modest, they still saw gains of up to 10c/kg.

Next week, an estimated 35,742 bales will be offered to the market and that level is expected to continue for the next few sales.