Wool market up 0.6pc for the week

The AWEX eastern market indicator rose by 4c/kg (+0.5pc) to end the week at 775c/kg (clean).

This reflected rises of 5c/kg (+0.6pc) in the north and 4c/kg (+0.5pc) in the south, with their corresponding regional indicators finishing the week at 796c/kg and 757c/kg clean respectively.

The western indicator remained unchanged at 767c/kg, as there was no sale in Fremantle this week.

There were 17,206 bales were on offer this week, compared to 31,324 bales last week, when all three regions sold.

Of the offering 13.1pc was passed in, comprised of 10.3pc in Sydney and 15.8pc in Melbourne, resulting in 14,957 bales being cleared to the trade.

AWIS reports that the market held onto the gains made last week after three weeks of falling prices on the back of good competition, particularly for the better types.

The smaller offerings of less than 40,000 bales in each of the three weeks leading up to the mid-year break will hopefully ensure that prices hold onto their current levels, or move up in this period of economic uncertainty.

Sales will be held in Sydney, Melbourne and Fremantle next week, when 35,070 bales are currently rostered for sale.

Present estimates for the following two sales are 37,650 and 34,000 bales, respectively, a decrease of 18.6pc over the three sale period when compared with last year.

The current estimated offerings for the next three weeks have fallen progressively since first reported and are now 16.7pc less, on average, than when first notified to the trade.

Sales are in recess in South Africa.