The Australian wool market finished 0.4pc higher on average after the last sales for 2008/09 in Sydney, Melbourne and Fremantle this week.
According to AWIS, the AWEX Eastern Market Indicator rose just 2c/kg (+0.3pc) to end the week at 777c/kg (clean).
The change was similar in all markets:
- the northern market indicator rose 2c/kg (+0.3pc) to finish at 798c/kg;
- the southern market indicator rose 4c/kg (+0.5pc) to close at 761c/kg; and
- the western indicator gained 2c/kg (+0.3pc) to close at 769c/kg.
There were 33,208 bales on offer, compared to just 17,206 bales last week when only Sydney and Melbourne sold, of which 12.3pc were passed in.
Buyers for China dominated sales this week, followed by support from India.
There was also some increased activity from Europe this week.
The first sales for 2009/10 will be held in Sydney, Melbourne and Fremantle next week, when 36,725 bales are currently rostered for sale.
AWIS says the current estimated offerings for the next two weeks have fallen progressively since first notified to the trade, raising some concerns about supply in this period when meat and sheep prices are very high.