The Australian wool market ended the week with prices 0.4 percent higher on average at sales in Sydney, Melbourne and Fremantle, the Australian Wool Exchange (AWEX) said. The AWEX Eastern Market Indicator (EMI) rose by five cents, or 0.7 percent, to end the week at 727c a kg clean. Brokers noted greater interest from Italy for superfine wool and better style lots, as well as increased inquiries from Chinese buyers for medium micron categories, Landmark's wool weekly said. Pass in rates were low, compared with previous weeks, led by the southern region, which recorded a 7.6 percent pass in rate. The national pass in rate was 10.6 percent.
Major buyers included Itochu (4,821 bales), BWK (3,855 bales) and AS Gedge (2,982) bales, Landmark said.
"It was a good sale, with some assistance from the falling US exchange rate," the Australian Wool Industries secretariat said.
"Good competition was reported, particularly on the better wools with higher staple strength values on skirtings. Fleece wools opened strongly in both the north and south, particularly among the finer types, whereas the Western market was reported as irregular with some weakness at the fine end, but there being some support for broader wools. Finer wools continued to strengthen in the East on Thursday," it said. Chinese buyers were dominant. Australia's export statistics for March showed 57 percent of wool exports went to China in that month with the progressive figure for the year now at 52 percent, it said.
Sales will be held in Sydney, Melbourne and Fremantle next week with about 61,000 bales rostered for sale.
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