A HUGE surge in buyer interest during the past week has resulted in the Northern Market Indicator jumping 59 cents a kilogram to finish the week on 1418c/kg.
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This also pushed the Eastern Market Indicator (EMI) to a 49c/kg rise, its biggest increase in 17 months according to Australian Wool Exchange (AWEX) market information manager Lionel Plunkett.
Mr Plunkett said the EMI closed at 1363c/kg, also a seventeen-month high.
“As noted last week volumes have been relatively stable and this sale followed a similar pattern with 47,000 bales on offer,” he said.
The market started off slowly when Melbourne sold in isolation on Tuesday; the small Australian based catalogues were only slightly dearer before a late NZ-catalogue found better support and set the tone for the rest of the week.
Mr Plunkett said Wednesday’s sale initially jumped 20c/kg higher, but quickly gathered momentum to close 40c/kg higher for most of the Merino microns.
“The finer microns attracted the most support and some types were as much as 50c/kg dearer,” he said.
“Thursday’s sales repeated the pattern with the finer microns (<20) again the centre of buyer attention and making further increases of 30c/kg.
“By the end of the week the finer microns were about 70c/kg higher than the previous sale and many of the micron price guides were at five-year highs.
“Merino skirtings tracked a similar line, closing 50c/kg higher for the sale.”
Crossbreds wool results were mixed, initially gaining ground before a lacklustre finish.
The 26-micron wools finished lower but other microns firmed 10c/kg to 20c/kg.
Merino Carding types maintained the renewed interest, rising 20c/kg to 50c/kg.
- This article first appeared on The Land
