Wool Market Report 17 March 2023
Another week dominated by outside influences and uncertainty. The spot wool market, which has battled against the tide of strong supply for the last month, capitulated to the global pressures this week. Negative sentiment surrounding the banking sector and generally tensions has seen all commodities have an ordinary week with most in the Ag sector suffering losses. Both cotton and wool have fallen back to pre-Christmas levels in both USD and AUD terms.
The forward market pre-empted the spot weakness with sellers taking out the near-term bids that were marginally under cash. In the absence of any positive demand signals buyers withdrew most bid levels including the long-term support levels in the 19.0-micron category at 1670 for next season and into 2025.
This report is provided by Southern Aurora Markets, please subscribe to their service or contact them for a chat about any price risk management needs in fibre markets. Article picture supplied by Rick Chilcott.