Wool prices gain ground with Eastern Market Indicator stabilising
The Eastern Market Indicator has risen 32c/kg following a reduced bale offering and more inquiry seen from China.
A REDUCED offering last week saw the wool market regain some stability but still remain below 1000c/kg after plunging last month.
The Eastern Market Indicator gained 32c to finish trading at 890c/kg last week with 19,654 bales offered nationally and 18,543 sold for a pass in rate of 5.7 per cent.
National Wool brokerage manager Eamon Timms said there was an increase of inquiry from China which when combined with the small offering saw a market lift across all micron categories.
Mr Timms said the most inquiry was seen for the finer type wools with the 18-micron price guide gaining 40c.
“Merino fleece wool saw strong interest in the 15.5-micron types and finer – we quoted 1820c/kg clean for 15.5-micron and 1640c/kg for 16-mircon, so in half a micron there’s 180c difference,” he said.
Cross-bred wool also had a resurgence, especially for the 30-micron types which rose 60c from 320c/kg to 380c/kg Mr Timms said.
“The 18-micron and finer range has been the most consistent area of inquiry but across the board we saw the market lift for all micron (categories).”
This week will see an increased offering of 33,588 bales which Mr Timms said will be a more “normal” offering with wool receivals expected to increase week by week as Spring shearing begins.
“I don’t think this is the start of any rebound in the market – there’s too many issues still to be dealt with in the supply chain and retail sector but it’s good to see it stabilise,” Mr Timms said.