This week, the Australian wool market experienced a notable upward trend, with the average price of wool increasing by 1.1% across auctions in Sydney, Melbourne, and Fremantle. This positive movement was further supported by a 2.1% rise in the Australian dollar against the US dollar, which boosted export competitiveness.
Chinese buyers remained the most active participants in the auctions, followed closely by European, Indian, and Taiwanese buyers. Notably, Italian buyers showed strong performance, securing several high-quality lots.
In New Zealand, approximately 9,000 bales of wool were auctioned across the North and South Islands. Despite ongoing monetary policy challenges, the market remained resilient, with an impressive 89% turnover rate. Major buyers included China, India, the Middle East, and the United Kingdom, while Western Europe and Australia also contributed to the demand.
Meanwhile, the second week of the South African wool auction witnessed robust activity. The Cape Merino Merino index rose by 0.9% compared to the previous auction, closing at 58.26 rand per kilogram (net hair). This increase was driven by a stronger euro, limited supply, and a weaker rand. The rand weakened by 1.4% against the US dollar, reaching 7.31 rand, while its value against the euro dropped by 0.5%, settling at 9.3 rand.
Looking ahead, analysts suggest that the global demand for high-quality wool remains strong, particularly in the apparel sector. Dong Linyi, an analyst from woolmarket.toocle.com, noted that the domestic downstream yarn market saw increased trading activity this week, with prices remaining stable as they were primarily sold into the apparel segment. With rising transaction volumes in the yarn market, the wool market is expected to continue following the downstream trend, maintaining "narrow fluctuations" as the dominant pattern.
Overall, the current market environment reflects growing confidence among international buyers and a solid foundation for continued stability in the coming weeks.
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