Most people in the wool trade had predicted the market would be 30-50 cents a kilogram dearer last week, and that is exactly what happened from the first hour of selling at auction on Tuesday.
Superfine Merino types were very solid, with overall increases of 30c/kg, and there were some extreme prices paid for ultrafine lots and Responsible Wool Standard (RWS) certified wools.
Medium Merino lines were back in favour with the trade, and the gap to superfine Merino closed a fraction as these categories largely picked up by 75c/kg during the week.
Despite an initial pull-back in prices on Wednesday, the tone quickly improved again and the market closed for the day firm for most types - despite a stronger currency.
The increase for the week in US Dollar terms was 5.7 per cent, or 54c/kg, and local currency prices increased by 3.5pc, or 46c/kg.
This eclipsed the South African market, which rose by 4.7pc in USD terms. Although, the Cape Market had been getting ahead of the Australian market in recent weeks.
No doubt the bigger percentage of sustainable-accredited lots in the Cape have been responsible for the premiums in that market, as last week saw almost 40pc of the offering certified by one scheme or another.
Currently in the Australian market, certification numbers are increasing.
But these were still just shy of 3pc of all Merino fleece on offer.
The "shortage" of these certified wools continues to push the premiums higher, with the appropriately certified wools fetching 15-23pc premiums above "normal" wools in auction, depending on micron and other specifications, according to the Cape Wools market report.
Premiums in Australia are slightly lower, but still significant as buyers chase the small volumes of these wools on behalf of overseas clients.
Trade inquiry since the close of auctions has been relatively subdued, as buyers digest the sudden increase, reassess their stock levels and ponder whether or not a correction is in the offing.
No doubt, the Chinese traders will be sitting back and waiting to see if Australian exporters are willing to sell below last week's closing quotes.
This would generally result in a smallish correction in the coming week.
Grower stocks are building as shearing continues across the country.
But, provided auction volumes remain below the psychological 50,000-bale barrier, the market will not appear oversupplied.
Many growers are looking at handy grain harvests, or meat returns, and so may choose to store their wool until demand solidifies a bit more - which is probably a sound strategy.
The Riemann futures market is supporting this thinking, with premiums on offer for most microns from November to August 2022 or beyond.
The processing season in a lot of sectors is also just about to wind into gear, with greasy wool orders hitting the market for shipment from Australia by Christmas.
Processing either in China or straight to Europe during the first quarter, and final garment finishing and packaging in the second quarter of 2022, to see garments on the shelves again by September 2022.
As Europe emerges from the COVID-19 pandemic, the pipeline needs to be refilled and many in the trade just want to have something on-hand, or something to work with. So, the orders in the past couple of months.
China's domestic market has been relatively quiet for the past couple of months, and the October National Holiday period did not generate a lot of enthusiasm for its retail community.
Fast approaching though is Double Eleven, or Singles Day, which started life as a day for single people to spoil themselves by buying something nice.
Like many other occasions around the world, the retail fraternity has got hold of it now and turned it into a massive shopping event - regardless of one's marital status.
There may be a lot riding on this one particular day.
But at least now the weather across China is cooling down.
Unlike the first week of October, when it was 30°C in Shanghai, people are now starting to think about buying woollen sweaters, thermal underwear and such, as the temperatures drop to 20°C or below.
The potential for a shortage of heating in your half-constructed apartment during the winter is also a good incentive to purchase that extra sweater as well.
So, all the ducks appear to be lining-up quite well at present and, providing the correction in the coming week is small, the market should be able to keep moving steadily forward - and we should be able to get wool prices moving back up to where other noble fibres trade.
Then, if you step back and have a look around the world, you quickly realise there are a few things that could upset the proverbial apple-cart.
Russia, a big consumer of wool, is clocking-up more COVID-19 cases daily than at any time in the pandemic.
The Europeans are heavily reliant on natural gas flowing along the pipeline from Russia to heat their homes and run their businesses this winter.
America is kicking goals in its pandemic recovery. But the political machinations of its debt ceiling, an impending burst of inflation which the Fed Reserve keeps telling everyone will be temporary and their chaotic way of life has those on the outside looking in just a little nervous.
In the UK, Boris Johnson has more problems than the early settlers, with a lack of truck drivers, butchers and a health network nervously looking at an increasing workload.
China too, has a list of issues on its plate. But no doubt it has a plan to deal with most of them, and hopefully will.
The effervescent, positive consumer hitting the shops or keyboards at Halloween, Singles Day, Black Friday or Christmas day will be critical to being able to see wool prices continue to rise into 2022.