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Wool Prices Hold Through Chinese New Year

20 February 2015

AUSTRALIA – Wool sales showed “surprising resilience” to higher volumes this week with Australian prices holding at current levels.

Buyers went into the week with “trepidation” at the prospect of financing 60,000 bales during Chinese festivities, according to The Woolmark Company and Australian Wool Innovation (AWI).

In their weekly wool market report, they said that, after a weak start with the standalone Melbourne sale, “stiff resistance” to further falls came as talk of large volumes failed to materials.

In its report, the AWI said: “A little over 52,500 bales was eventually offered, which represented an 11 per cent reduction from the rostered quantity. The EMI (Eastern Market Indicator) lost a minor 2ac/clean kg to finish the week’s selling at 1090ac/ clean kg.”

Analysts are expecting things to repeat themselves as China moves into its second week of holiday.

“The volume of under 50,000 bales scheduled should be easily absorbed by current orders and the market is tipped to retain its levels,” said the AWI.

“A very good offering of the better super fine Merino types is expected and European and Chinese users are expected to compete strongly as this upcoming sale is largely recognized as the last opportunity for the season to secure large volumes of these types and descriptions.”

Michael Priestley

Michael Priestley
News Team - Editor

Mainly production and market stories on ruminants sector. Works closely with sustainability consultants at FAI Farms.

Top image via Shutterstock

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