There was some continued relief for the wool market last week as - for the second consecutive week - price gains were experienced.
This promoted an added level of confidence that was not present a few weeks ago.
The market rose 13 cents a kilogram last Tuesday and a further 34c/kg on Wednesday to finish at 937c/kg - or 686c/kg in US Dollar terms.
The physical auction pass in rate of 5.9 per cent was considerably lower last week, despite the larger offering scheduled for this week.
This suggests that many buyers are looking to take advantage of the low market and fill forward orders in a hope to hedge their position.
With the current outlook still not looking promising, it will be interesting to see how the market responds after a strong week.
The online offer board had consistent use last week, with a total of 896 bales sold.
A late surge in the week saw 103 bales sold on the Wednesday and Thursday.
Lines of 15 and 16-micron wool sold up to 1145c/kg and 1150c/kg (greasy), or 1797c/kg and 1616c/kg (clean).
The 17 to 18-micron wools sold up to 1085c/kg and 910c/kg (greasy), or 1476c/kg and 1240c/kg (clean), respectively.
Lots of 19 to 20-micron wool sold to 830c/kg and 690c/kg (greasy), or 1132c/kg and 988c/kg (clean).
Merino pieces sold to a top of 894c/g (greasy), or 1563c/kg (clean), and Merino bellies sold to a top of 650c/kg (greasy), or 1292c/kg (clean).
The top priced lot online this week was for 15.6-micron Merino fleece wool that was 75 millimetres in staple length, had 3 per cent vegetable matter and was offered by Australian Wool Network. It sold for 1245c/kg (greasy), or 1753c (clean), and was branded Blackgbrush.
The AuctionsPlus offer board continued to be used during the past weekend and into this week - with 500 bales purchased from last Friday to Tuesday.
Looking ahead, the confidence In the market in the past few weeks has been promising, and it looks to be remaining this week - based on the demand we are seeing online.