THE wool market has managed to claw back some of the correction it underwent last week and the Eastern Market Indicator hit 1676 cents a kilogram on Thursday.
Australian Wool Exchange market information manager Lionel Plunkett, said despite a reasonably large offering of more than 49,000 bales the market managed to bounce back into positive territory once again.
The fine 16.5-micron wools averaged 2566c/kg at the Sydney auction which was up 36c/kg on last week.
Most of the medium-micron wool were 13c/kg to 18c/kg dearer in Sydney. The 19.5 microns averaged 1893c/kg, the 20-microns indicator climbed to 1773c/kg and 21-micron wool averaged 1649c/kg.
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Across the Sydney auctions, the Northern Market Indicator was on 1756c/kg.
Mr Plunkett said with only two sales to go before the annual three-week Christmas recess, buyers were keen to secure market share while the opportunity presented itself.
“As a result, all types and descriptions across the entire Merino spectrum came under intense buyer scrutiny,” Mr Plunkett said.
“The increase in prices was gradual rather than extreme, as buyers had to slowly increase their levels to secure market share.
“By the time the hammer fell, rises had generally increased by 15c/kg to 30c/kg across the board.
Mr Plunkett said this was 298 cents above the level of the corresponding sale of last season or an increase of more than 21 per cent.
In contrast, the crossbred market defied the other sectors and continued its downward trend.
Prices were generally discounted by 10c/kg to 25c/kg and this was most evident in the northern market.
Mr Plunkett said buyers were very selective with their purchases, any lots that were poorly prepared were often overlooked and, as a result, suffered the greatest reduction in price.