Relief comes to wool auction and forward markets

Michael Avery, Southern Aurora Markets partner, October 14, 2022

Southern Aurora Markets partner Mike Avery.

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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