Wool Market Fairly Stable After Easter Break
April 28, 2017
Sales resumed this week after the annual Easter recess and 52,189 bales were offered to the trade, the largest national offering in more than three months. The first day saw buyer confidence leave the market and all types and descriptions suffered corrections, generally between 10 and 40 cents. The benchmark Eastern Market Indicator fell 17 cents to close the day at 1,495 cents. Growers showed their resistance to accept the drop in prices and the national passed in average in the fleece was more than 15 percent.
However, toward the end of the day in the Fremantle market, buyer confidence slowly returned and in the last hour of selling there was a slow, but noticeable, rise in prices. The tone apparent in that last hour of selling was present from the first lot in Sydney and Melbourne on the second day and continued through to the final hammer in Fremantle. The EMI lifted by 6 cents to close the week at 1501 cents. All types and descriptions regained some of the previous day’s losses, although generally the entire micron range recorded net falls for the week of between 5 and 30 cents.
The skirting market again closely mirrored the fleece, on the first day prices generally fell 20 to 40 cents with higher vegetable matter lots (>4 percent) most affected. The second day saw prices rebound on average 10 to 20 cents with FNF (