MORE than $170 million of wool has been sold in the last fortnight as prices hit uncharted levels at a record-breaking 1681 cents a kilogram.
Despite the Eastern Market Indicator catapulting a further 58c/kg week-on-week, clearance levels were the lowest since August 2013 with only 1.3 per cent of nearly 50,000 bales passed in.
Australian Wool Exchange senior market analyst Lionel Plunkett said all types and descriptions across the entire merino spectrum were hotly contested, with prices spiking from 40 to 100c/kg.
Buyers attempted to secure supply in the rapidly rising market, with favourable length and strength receive strongly competition.
Mr Plunkett said the passed-in rate was the lowest since August 2015, reflecting woolgrowers’ willingness to accept the current price levels.
He said with low wool storage reported in brokers’ stores, as well as low passed in rates, there was the expectation of upcoming short supply.
“With continued high clearance rates, that additional volume of re-offered wool won’t be there to top-up the offering later in the season,” Mr Plunkett said.
“It would appear sellers are meeting the market and the prices are exceeding their expectations.”
Skirtings followed suit to jump 40-60c/kg for the week.
After many weeks being out performed by their finer cousins, the crossbreds managed to record higher increases than the merino sector.
The entire crossbred sector, from 25.0 all the way through to 32.0 micron enjoyed price rises of 50 to 80 cents.
Limited oddment offering came under intense buyer competition, with all types and descriptions increasing 40-80 cents to push the three carding indicators up by an average of 62c/kg.