WOOLTRADE business experienced a retraction last week as the physical auction system struggled with large offerings.
The result was only seven bales of wool changed hands online as the falling physical prices caused a market hesitation, Wooltrade market operations officer Tom Rookyard said.
“With buyers and exporters having two weeks of big offerings over the final sale for 2014/15 and the upcoming first week for the new financial year, there was nowhere the AWEX EMI could hide.
“It dropped 57c to finish on 1263 cents,” he said.
The 18 to 23 micron wools were 10-20 cents cheaper in the AWEX auctions and only cardings stayed close to firm levels.
Mr Rookyard said with the large offering again this week at auction, the dip in the market was expected.
“All market participants are hoping that a firm base can be found to enter the July recess.
“On a positive note, this is the same point a month ago where many people were contemplating that 1300c would be a potential barrier and the market could not climb any higher.”
Click here for last week’s Wooltrade prices
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