Friday, March 29, 2024

Fine wools good in volatile market

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Fine and mid-micron wools spiked higher at Thursday’s Christchurch auction but remain well below their highs.
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The Australian market picked up on Wednesday and the gains flowed to Christchurch.

Volatility is the name of the game, PGG Wrightson South Island sales manager Dave Burridge said.

Merino fleece was 6% to 8% dearer than at the August 29 sale, where prices tumbled up to 15%.

Mid-micron wools (22 to 30 microns) were the big mover after previously falling sharply and quickly. They were up 5% to 18%.

Generally, no-one had an explanation for the gains but the markets are confidence driven, Burridge said. A major new Australian buyer added impetus to fine wools.

The 1700 bales of mid-micron wools were pretty much cleared but some Merino vendors set reserves above the floor prices.

“There were some vendors not requiring the immediate cashflow and had a view on the value of their very high quality of their wool.”

About 8000 bales of crossbred wool was largely unchanged despite some good gains for the most stylish 31 to 35 micron ranges.

“The bidding was competitive for well prepared woolly hogget-type and ewe wool.”

That best wool was up to 8% stronger but most of the 31 to 35 micron was up just 1% to 2% and best wool above 35-micron was 1% to 3% higher.

Crossbred second shear and oddments were steady.

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