DOMINANT Chinese demand with support from Europe and India pushed Australian wool prices higher this week.

The Australian Wool Industries Secretariat said the AWEX Easter market Indicator finished 16 cents higher (+1.2percent) in Australian currency and 2 cents higher (+0.2pc) in US currency at auction sales in Sydney, Melbourne and Fremantle.

AWIS said 34,031 bales were on offer nationally, compared with 32,825 bales last week. Brokers passed in 9pc of the offering after 3.7pc of the potential offering was withdrawn prior to sale, with 30,984 bales sold.

AWEX reported that the value of the wool sold was $52.3 million (average of $1686 per bale), taking the season total to $447.4 million ($1568 per bale). The number of bales sold at auction this season is now 24.9pc greater than in 2020/21, AWIS said.

The New Zealand Merino Company also offered 1718 bales in Melbourne on Wednesday, of which 16.6pc were passed in.

AWIS said the market got away to a good start on Tuesday following last week’s firm close and good follow-up inquiry from overseas clients since then.

“The market steadied on Wednesday, with the EMI moving down by 1 cent.

“This resulted in overall gains of 1.5pc to 2pc for most Merino wools,” AWIS said.

“Crossbreds eased by 1.5pc, or less.”

AWIS said the $A-US exchange rate finished 0.73 cents (-1pc) lower to close at 72.50 cents on Wednesday. It has fallen by 1.34 cents over the last two sales.

AWIS said offerings for the coming three sales are expected to range from 37,434 bales to 40,920 bales and to be 44.1pc more than in the same period last year. The forecast progressive difference to Week 15 is +33.1pc.

AWIS said the South African Cape Wools Indicator was down by 2.8pc since last week against a 0.8pc depreciation of the rand against the US dollar and a 1pc depreciation against the euro.

Source: AWIS.