Wool Market Update fifth October
” Select to be positive. It feels much better”– Dalai Lama
A variety for the auction market once again today with great wools continuing to run out favour, medium merino fleece and carding holding their ground and crossbreds getting dearer off their low base.
The forwards stay peaceful. Exporters have a hard time to get considerable forward volumes to necessitate active or aggressive bidding. Technical experts see absolutely nothing in the charts, especially in the great wools, to get them delighted. Strong sales throughout the Nanjing Conference have actually done not have follow up. That stated bidding has actually come through in the latter part of the week recommending a base is attempting to develop.
Tentative bidding flat to money has actually been location throughout the very first half of 2024 on 18.0 microns (1500) and 19.0 microns (1390 ). Bidding in the timely months (October and November) stays at money with purchasers seeing little inspiration to chase after while the sellers stay out of sight. Passed in rates at auction would suggest that growers are unwillingly accepting present levels.
The only premiums in the market that stay are the balance of the 19.0-micron 2024/25 season strip that has actually been trading over the last month at 1470 (money 1393). January 2025 and February 2025 traded leaving just the March to July to be covered.
We are anticipating the exact same pattern to continue with little news on the horizon to motivate self-confidence. Technically great wool (17.0 micron) charts stay problematic and the medium (19.0 micron) chart once again challenging it’s recognized assistance of 1400.