FORWARD wool markets traded in light volume as the spot auction market looked to steady after a volatile first three weeks of the new season.
Bidding improved as the week progressed and a few growers took advantage, hedging 21 microns for November at 2175 cents and in December at 2160 cents. The 19 micron index traded at 2220 cents for February and 2200 cents for April.
Interest in the fine wools at the spot auction has seen it flow into the New Year forwards. Bidding for the summer and into the New Year could see trading for the 19 micron index reach 2250 cents, presenting opportunities for growers.
This week’s AWEX and AWI wool reports have been delayed due to the fire in a former wool store in Tottenham in Merlbourne’s west. Yesterday’s wool auction at the Brooklyn Wool Selling Centre was cancelled and held today.
Projected forward trading levels for next week
Micron category 19 micron 21 micron
Sept 2320 cents 2220 cents
Oct 2280 cents 2180 cents
Nov 2250 cents 2150 cents
Dec 2250 cents 2120 cents
Jan 2250 cents 2100 cents
Feb 2220 cents 2060 cents
May-June 2200 cents 2050 cents
July-December 2140 cents 2020 cents
November 21 micron 2175 cents 11 tonnes
December 21 micron 2160 cents 12.5 tonnes
February 19 micron 2220 cents 2 tonnes
April 19 micron 2200 cents 3 tonnes
April 18.5 micron option strike 2050c premium 40c 20 tonnes
Total 47.5 tonnes
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