All types and descriptions were well sought, despite the much stronger (+ 0.85%) Australian dollar (AUD) against the US Dollar (USD). Price results were all to the sellers' favour amidst a more upbeat auction scene which is now seemingly lifting out of the gloom that has existed during the first quarter of this season, the Australian Wool Innovation Limited (AWI) said in its 'Wool Market' weekly report for sale week 17 of the current marketing season.
Australian trading houses dominated the purchasing activity during the week ending October 25, but significantly the largest Chinese top makers upped their ante to participate far more strongly than they have been for the past month or so. Perhaps, this is indicative that some of the back log is clearing at the top to spinning stage where cash flows have been restricted due to delays in the uptake of wool top contracts, the AWI report said.
During the third consecutive week of relatively sedate price movements, US prices rose and whilst overseas buying did back off somewhat, there was still ample business to see the market continue to climb against potential roadblocks such as the stronger forex.
"This season has seen the general re-emergence of a very influential price protection tool for wool growers—the use of the passed in mechanism. This has helped maintain the market rates at acceptable levels, but the growing stockpile must be continuously monitored. If not openly measured and identified, this stockpile may inevitably become problematical for the industry," the report said.
In the Merino fleece sector, general gains of 20 to 40ac were recorded during the week. Above and beyond these gains were the better 19 micron and finer types which received the largest rises, which equated to 70 to 85ac above last week. All other sectors gained 15 to 25ac.
The next week's offering would have nearly 40,000 bales, which may ease purchasing pressure and buyers would become more selective.
Fibre2Fashion News Desk (RKS)
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