“Most people miss opportunity because it is dressed in overalls and looks like work.” Thomas A. Edison.
THE best was left to last as wool prices rose across the board in the final spot auctions for the year.
Superfine wools benefited most, with 16.5 and 17 micron categories lifting over 100 cents.
Other Merino microns rose 30 to 60 cents as buyers looked to fill commitments prior to the recess.
The week closed a little off the peak on Thursday as orders were filled, and the Aussie dollar firmed.
The forward market reacted accordingly, and growers’ longer term orders were filled. Highlights were 17 micron trading in March at 1905 cents and in January at 2025 cents, and 19 micron trading forward above 1500 cents for the first time since June this year.
Buyers have lifted forward levels, but remain selective on limited volume. With the recess upon us for three weeks, the opportunity presents for sellers to access potential hedge levels.
Spot prices are now above long-term averages and at season highs. Currently bids dominate the forward board, with buyers populating the first quarter of 2024. Interest remains for March to July 2025 on 19 microns.
This week’s trades
March 2024 17 micron 1905 cents 5 tonnes
January 2025 19 micron 1505 cents 5 tonnes