THERE was finally some relief this week in the declining wool market in place since late June.
Spot auction prices improved by 1-4 percent, with the broader microns making the most gains.
While a welcomed respite, most buyers remain cautious waiting and wanting to see a follow up demand.
Forwards took their guide and finished up 50 cents, trading from November to July 2023 at 1550 cents.
Bidding interest continues at in the spot slightly under cash. New Year levels a little hit and miss with light trading that was done at spot levels. General nervousness continues around all markets with concerns around inflation and recession dominating conversations.
Next week we expect a bit of the same. Spot market will dictate the nearby months. Most participants are suspecting a further short term bounce but with a lingering concern it may be a currency related relief rather than a change of direction.
This week’s trades
November 19 micron 1535/40 cents 10 tonnes
November 19.5 micron 1460 cents 10 tonnes
November 21 micron 1315 cents 5 tonnes
February 23 19 micron 1730 cents 2.5 tonnes
March 2023 19 micron 1500 cents 2.5 tonnes
April 2023 19 micron 1550 cents 5 tonnes
July 2023 19 micron 1550 cents 5 tonnes
Total 40 tonnes
Source: Southern Aurora Markets.
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