Australian wool auctions witness strong competition this week

“Widespread interest from the trade from the outset of selling ensured dearer levels prevailed and in fact the market was at the highest point at the conclusion of selling, which usually augurs well for the immediate term looking forward,” the Australian Wool Innovation Limited (AWI) said in its commentary for week 44 of the current wool marketing season.   

The WA centre outperformed both the eastern centres to see the Western Market Indicator (WMI) close 43ac or 3 per cent higher at 1473 ac/clean kg by the close of selling. The national auction markets cleared 94 per cent of what was offered, the commentary mentioned. 

“Due to the vastly reduced price in USD to buy wool, most buyers were expecting a dearer market, and this is exactly what resulted. All buying sectors were active, but it was the traders who led the charge on the first day and dominated all sectors. After a relatively quiet day, the top makers, manufacturers and indent operators lifted their purchasing intake on the final day to buy more lots but at higher prices and still under pressure to do so from the trader competition,” the AWI commentary said.

Prices were consistently rising throughout selling and concluded with Merino fleece and skirtings 30 to 50ac dearer and all other types 5 to10ac dearer.

Around 43,000 bales will be offer at next week’s sales.

Fibre2Fashion News Desk (RKS)