The wool market experienced dramatic rises this week as buyers fought hard to secure their share of a limited selection. The tone was set on the first day from the opening hammer, with prices across the entire merino spectrum increasing by 40 to 50 cents, leaving the NRI to close the day a whopping 50 cents dearer. The second day saw more price increases (although a little more subdued), gains were again across the board leaving most MPG’s 10-30 cents dearer, leaving the indicator to close the week at 1679 + 15.
The NRI is now at its highest ever published level. Notably, the Micron Price Guides for 22.0 and 23.0 micron are now at record highs. The skirting market also followed a similar path, while the crossbred sector saw price rise by 50-80 cents, however the limited selection of oddments was the only sector to not record significant rises, with most types remaining firm.
Next week sees a further reduction in quantity with 36,888 bales rostered for sale in Sydney and Melbourne.