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Australian wool rises sharply

Concerns over future fine wool supplies have pushed the Australian wool market to its highest level since 2011. There have been sharp rises over the three days as the market continued with the rally in December. Finer microns were reasonably steady but 30-microns and coarser fell as much as 30 cents. The finer microns enjoyed the most support and extended their premiums over the broader microns which had less extreme rises. Buyers scrambled for quantity for most of the week, pushing lower spec types along with the better types.

Merino skirtings followed fleece types higher with the superfine types most affected. In line with pre-Christmas trends, the crossbred market was again fairly lackluster compared to the merino catalogue. All buying segments were active, with indent, forward sellers, processors and even some speculators working hard to secure wool. Chinese, European and Indian interests were all active in the market.

Even though 51,300 bales were up for sale, this week’s offering included one of the smallest percentages of merino wool for the selling season and there is concern over the amount of finer wool coming onto the market in future. The good season experienced across Australia is becoming evident at sales, with higher vegetable matter content wool being offered.