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AWI Wool market review – week ending 12 February

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The extremely positive results at last week’s Australian wool auctions underline the current strength of demand for the fibre. As shares, stocks and other commodity markets continue to falter across the world, wool is trending to a much more optimistic path.


Prices in general appreciated through the entire offering, albeit in a smaller volume week and with the USD v AUD going in favour of buyers using USD. Giving further weight to the encouraging market signals is the fact that our major destination China was supposedly on holiday, but modern technology doesn’t allow complete freedom from business.


The EMI (Eastern Market Indicator) gained 19ac/clean kg to conclude the week at 1284ac/clean kg and when expressed in US dollars, the EMI also increased by 3usc to 910usc/clean kg as the local market rises outstripped the forex advantage gains.


A very high quality Tasmanian super fine selection started the selling week last Tuesday in Melbourne. Given the very dry growing conditions the island state has been experiencing, the quality of the wool in general was a credit to the skills of the wool growers being able to produce such superior wools. The market responded kindly and strong general gains of 10/25ac clean kg were recorded above the comparable mainland levels of the week prior.


Some spinners wools exhibiting the best qualities come under intense pressure from the two Italian interest companies and quite often were receiving premiums of up to 350ac/clean kg on some individual lots.


Upon the opening of sales last Wednesday at all three centres, the confidence of the previous day converted into 10/15ac price gains in mainly the Merino fleece sector. Consolidation around the ruling price levels was occurring amongst skirtings and crossbred types, but cardings continued to cheapen.


Thursday’s sales saw strong interest on all types available and Merino fleece types surged 15 to 20ac/clean kg giving these types a weekly gain of between 25 and 40ac/clean kg. The skirting types rallied strongly to post rises of 25ac/clean kg and crossbreds were generally unchanged throughout, though some minor changes up or down by just 5ac/clean kg could be made. Cardings finished the week on a better note as some buyer interest returned, but 20ac/clean kg was a generally quoted loss for the series.


A few usual buyers of carding types made comment as to the “seasonality” of the carbonizing business coming to an end recently, but those mills are expected to have renewed orders shortly to commence production for the 2016/17 Northern hemisphere autumn/summer retail period.


Next week sees an auction roster of around 42,000 bales. Strong interest is expected to be forthcoming, particular on the dwindling supplies of Merino fleece. Half of China is expected to take a second week of New Year holidays.

Source: AWI

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