STRONG buyer competition has put the eastern states wool market back on a solid footing this week.
At the close of trading the Northern Market Indicator was on 1629 cents a kilogram (clean) which was up 30c/kg in the past week.
Likewise, the Eastern Market Indicator bounced 28c/kg to hit 1550c/kg.
Australian Wool Exchange market information manager Lionel Plunkett said in the past fortnight there had been little movement in the market, however strong buyer competition had helped push the wool market back into positive territory.
“The price increases were realised from the outset on the first selling day, most types and descriptions gained 10c/kg to 30c/kg,” Mr Plunkett said.
“As in recent weeks wools exhibiting favourable additional measurements results, attracted significant premiums, but lesser style and spec wools also felt the effect of the rising market as buyers fought hard for quantity.”
He said on the second day of selling buyer competition was intense as they attempted to secure a share of the quickly rising market.
“Some price increases were extreme, but in general terms the rise in price was 20c/kg to 30c/kg.”
Mr Plunkett said the crossbreds wools were the only sector to not record gains this week.
“These wools lost further ground after recent losses, 25- through to 30-micron all lost ground, generally, 10c/kg to 20c/kg,” he said.
Next week quantities increase slightly, currently there is 39,716 bales rostered for sale in Sydney, Melbourne and Fremantle.
