TRADING at the Western Wool Centre (WWC) finished the year on a high, with gross turnover from wool sales on the last day topping $8.03 million, the highest it has been since May.
A combination of large sales volume - 4776 bales were offered on the last WWC trading day of the year last week and 4513, or 94.5 per cent, were sold - coupled with strong price rises in all local market sectors, pushed turnover beyond $8m for the first time in the 2022-23 Australian Wool Selling Program at the WWC.
- Subscribers have access to download our free app today from the App Store or Google Play
In the local wool market's better performing first half of the year, daily WWC turnover only topped $8m on nine occasions, according to Australian Wool Exchange (AWEX) statistics, with a best of $10.94m on January 25.
That is some indication of how vigorous the competition for wool was on the last trading day at the WWC before the annual three-week AWEX auction system shutdown for Christmas and new year.
A remarkable aspect of the trading was that the WWC and Sydney wool selling centre closed a day ahead of the main Melbourne centre, which traded a third day, second week in a row, to clear a big listing of 25,264 bales for the week.
National buyers looking to complete orders before the recess so they did not have to hold wool over for three weeks, did not necessarily have to buy at the WWC on its last trading day.
They could probably have found what they wanted the following day in Melbourne.
But few chose to take that gamble, preferring to lock wool away at the WWC, with national traders Techwool and Endeavour Wool Exports joining local trader PJ Morris Wools at the top of the WWC buyers' list on the last day.
READ MORE:
A 30 cent rise, following a 37c rise the day before, took the Western Market Indicator to 1486c per kilogram clean for the festive season break.
Merino fleece price guide rises across the last week at the WWC ranged from 98c (to 1471c/kg for 21 micron fleece, only 4c shy of its highest price for the year) to 72c (to 1602c/kg for 19.5 micron) and the Merino cardings guide added 11c to finish at 908c/kg.
At the mid-season mark, national wool auctions turnover is down $19m to $1.088 billion, compared to the same time last season, with the Melbourne selling centre dragging the financial chain, down $34m on last year to $522m, according to AWEX.
Turnover at the WWC is up $11m to $195m and up $4m in Sydney to $370m.
