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Australia Wool Markets See Price Resistance

18 May 2015

AUSTRALIA – Wool markets stuttered last week as price resistance came into play after a string of market gains.

A minor drop came largely due to Merino fleeces, although Australian Wool Innovation (AWI) reported prices remain a ‘staggering’ 21.1 per cent higher year on year.

Prices were back to 1235 ac per clean kilo, an overall gain on last year of 215 ac.

AWI has suggested the drop could be ‘just a stall’ in an otherwise positive market set for lower supply in the months ahead.

“A decent offering of nearly 44,000 bales goes up for auction next week, but the focus of buyers is set firmly on the weeks following that, as quantities dramatically fall away,” said AWI analysts.

“Next week may be the largest offering we see in Australia for a month or two, so if the demand intensity witnessed recently is any indication, what we saw this week, may just be a stall in a largely positive direction for the wool market.”

Best end Merino fleeces were unchanged as “old”, lower quality offerings felt the most downward pressure.

Merino skirtings reported two days of “erratic” sales. In contrast to the general market, Merino cardings added 20 cents.

TheSheepSite News Desk