Comment

Another easing trend this week but with a more positive tone on better fine wool as they seem to be gaining favour from Italian interests at these new levels, particularly 17.0 to 19.0 micron. Despite it being a designated superfine sale, volume of quality fine wool was very limited and nothing like it was in the past. It’s been a significant market correction over the past month and growers are offering their wool with some hesitation. About 20% of the original offering was either passed in or withdrawn from sale prior with the result of only 25,000 bales being sold to the international trade. There was a clear distinction between the better lots, now being offered as a smaller percentage of the total offering, and the more inferior wool types which are quickly starting to dominate the selection. The longer, lower strength and lower yielding wool is more suited to Chinese production and while these types are in big supply and the Chinese market is quiet, there can only be one result on these types.

Non mulesed wool was again less affected by this week’s market change.