Wool starts year on a high

The Eastern Market Indicator has smashed the record set at the end of 2017 by climbing to 1818c/kg on Thursday.

THE wool market start the year where it finished, hitting more record breaking prices this week.

At the end of trading on Thursday evening the Eastern Market Indicator had smashed the record set at the end of 2017 by climbing another 58 cents a kilogram to 1818c/kg.

Australian Wool Exchange market information manager, Lionel Plunkett, said prices generally rose by 50c/kg to 100c/kg for all types and descriptions.

“The entire Merino spectrum enjoyed similar rises, irrespective of style and spec, as buyers fought hard to secure market share in the rapidly rising market,” Mr Plunkett said.

He said growers were quick to get their wool to market and keen to accept the current prices.

“This has been reflected in another very high clearance rate, over 98 per cent of fleece wool was sold to the trade,” he said.

“Many growers have taken the opportunity to come and see their wool sold, resulting in packed spectator galleries across the country.”

The Northern Market Indicator bounced another 67c/kg in this week’s sales to 1908c/kg, while the Southern Market Indicator was about 50c/kg stronger at 1761c/kg.

In the west, the indicator climbed a healthy 72c/kg to hit 1888c/kg. 

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