THE wool market continued to edge upwards last week, reversing almost three months of falling prices.
In a very small national offering of 34,300 bales, AWEX's Eastern Market Indicator closed the week up 7c/kg at 889c/kg clean.
But in US dollars the market rise of 21c/kg, to US754c/kg clean, was a better result.
The other positive news was the strength of the superfines. In Melbourne, the 17-micron indicator rose 20c/kg to 1273c/kg, its highest rate for the season.
In its weekly report, Elders Wool International speculates that the market is returning to a more normal shape with superfine wool enjoying good support, the broader wools easing, and crossbred wool firming.
"The outlook of wool remains exceptionally strong at this stage providing we do not get hammered by some great big new tax or another man-made catastrophe," it said.
The rise in the market comes ahead of small offerings of less than 100,000 bales over the next four weeks, including just 27,930 bales for Sydney and Melbourne this week. This reduced auction throughput echoes this season's smaller clip.
In the 11 months to the end of May, AWTA's test throughput was down 116,00 bales or 5.6 per cent.
During the same period it tested 342 million kg of wool.
