WOOL prices gained ground this week in the first auctions of 2023 despite one of the biggest national offerings in the past 12 months.
The Australian Wool Exchange said sales resumed this week after the annual three-week Christmas recess to a national offering of 50,509 bales — the third largest sale for the season and the most bales in five months.
“Volumes were particularly high at the three-day Melbourne sale, which hosted its largest sale in 11 months, and Fremantle, which recorded its second largest sale for the season.
“The market commenced the 2023 calendar year following the lead of the first sale from the previous seven years which have all opened up making gains,” AWEX said.
“At this sale, it was initially a cautious start; however, with the AWEX-EMI losing 4 cents on the opening day (Tuesday) on the back of losses across most of the Merino microns.
“The momentum changed on Wednesday when there were solid increases particularly at the stylish Melbourne offering, while Thursday closed out the week to further gains in the medium microns,” AWEX said.
“The results at the end of the series had gains of 20 cents for the 19 micron and finer range which carried the AWEX Eastern Market Indicator to an increase of 6 cents for the sale.”
The AWEX EMI finished on 133c/kg clean with brokers passing in 11.3 percent of the offering.
AWEX said Merino skirtings also found good support for most of the week, closing as much as 50 cents dearer. Crossbreds had heavy losses early before stabilising, but still closed cheaper for the sale. Merino cardings were generally in line with the previous sale held prior to Christmas.
Next week is expected to be a similar-sized catalogue with more than 51,000 bales forecast to be offered in three selling centres.
Click here to see the latest AWEX Micron price Guides.
Source – AWEX.