THE Australian wool sale offering climbed to a monthly high this week as producers lapped up a bounce in Chinese buying activity and sustained price rises.
At early sales in Melbourne and Sydney, prices for finer wools were trading softer while the 21-micron plus wool was selling 5-10 cents a kilogram dearer, despite the Australian dollar trading at close to US77 cents.
Harvest Wool Australia managing director Steve Noa, said there was a lot of wool coming back onto the market this week pushing up the quality of the wool on offer - particularly in the finer end.
Mr Noa said bullish Chinese buying continued to dominate the market.
"People have clearly been holding onto wool and are grabbing the opportunity of a better market but there is still a lot of dust and low yielding wool available," he said.
The AWEX eastern Market Indicator gained 4c/kg to finish at 834c/kg last week, making it 10 consecutive weeks of price gains.
Around 44,000 bales were expected to be offered in three-centres this week, including a one-day Fremantle sale.
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