Market records strong support for superfine
The wool market traded up 3c after last week's smaller 39,833 bale national sale.
According to Australian Wool Exchange, support was consistent across all microns, with some better types in the superfine range making a noticeable difference.
"The superfine micron price guides firmed 10 cents for the final designated superfine sale of the season in Sydney," an AWEX spokesman said.
The Landmark Wool Weekly report said the Eastern Market Indicator edged 7c higher on Wednesday before dropping back 4c, to close at 1077c/kg clean.
"Fremantle saw solid gains across most categories offered on Wednesday. Generally gains were in the range of 10c to 15c, with 18.5-micron wools quoted up 18c, and the lowest gains recorded by the 21-micron categories of 7c," the report stated.
According to Landmark, the finer end maintained gains in Thursday's market, while 19 to 20-micron lots eased back 5c to 10c.
The report said the 21-micron indicator climbed back above the 1200c level on Wednesday nationally, only to fall back to close at 1198c. It said 1200c was a key support for the market in December 2012 to March 2013, which Landmark believes may become a new key resistance level.
This week's national offering has 47,070 bales rostered for sale. Present estimates for the following two sales are 43,440 and 46,700 bales.
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