The impact of COVID-19 on the Australian wool market appears to have slowed for the time being.
There was a rush of wool sold online at AuctionsPlus as the AWEX Eastern Market Indicator poked it nose back up above 1300 cents a kilogram.
Last week the indicator lost 6c/kg on Tuesday to then gain 20c/kg on Wednesday to close off at 1301c/kg. While the WA indicator gained 11c/kg and 20c/kg across the two days to close at 1384c/kg.
Last week was the first time since late February that the pass-in rate has been below 15 per cent, as the market had its first bullish period in several weeks.
A combination of a cheap Australian dollar and attractive market has seen increased overseas enquiry.
The volatility of the market has swung back into positive territory for the industry. In addition to this, last week was the largest volume of wool sold online via AuctionsPlus since January 2020, with a total of 868 bales selling across the week.
The 15 and 17-micron fleece wool sold up to 1202c/kg and 1216c/kg (greasy) or 1805c/kg and 1694c/kg (clean). While 18 and 19-micron fleece wool sold up to 1020c/kg and 1105c/kg (greasy) or 1520c/kg and 1516c/kg (clean), and 20 and 21-micron fleece wool sold to 1050c/kg and 1003c/kg (greasy) or 1460c/kg and 1445c/kg (clean).
The top priced lot sold online was a line of 16.6-micron AAAA Merino fleece wool, it had the low 0.5pc vegetable matter and was 84 millimetres in length. The lot was offered by Australian Wool Network, branded RINGWOOD/WN and sold for 1345c/kg (greasy) or 1801c/kg (clean).
There is an estimated 21,000 bales to be offered across all three centres in a one day sale on Wednesday.
What's more, AuctionsPlus will run its first online wool auction on Thursday morning opening at 10am, with 44 lots to be offered from brokers Elders, Nutrien, Australian Wool Network and Jemalong.
