Australian Wool market rebounds despite rising dollar (10 Apr, 2014)

THE wool market rebounded strongly this week, with the Eastern Market Indicator rising 26 cents per kilogram to reach 1019c/kg clean.

The market jump was somewhat surprising considering the near 2-cent rise in the Australian dollar to more than 94 US cents. This put the market up 43c/kg in US terms.

A smaller offering of 34,352 bales were put under the hammer and the pass-in rate dipped more than 5 per cent to about 5.5pc of the catalogue.

Once again, there was a low volume of best style wools and significant quantities of wool with high vegetable matter content. However, there was a good level of 40nkt wools.

Most Merino fleece types enjoyed good support and gained 40-50c/kg over the week.

Poorer types still found favour this week, but best buying was reserved for the better styles.

Merino skirtings followed the trend, albeit at a weaker level, with better types again attracting the highest price gains.

Crossbred wools firmed by 5-10c/kg, while Merino cardings were also just into positive territory.