Australian wool prices have risen for the second consecutive week, according to Australian Wool Innovation's weekly wool market summary.
For the 49th week of the 2019-20 selling season, the AWI Eastern Market Indicator lifted 13¢, closing the week at 1183¢.
Rodwells’ weekly market report showed the total amount of wool sold was the smallest in 25 years, with 14 337 bales sold out of the 15 375 bales on offer.
The Australian wool market has fallen substantially over the past 12 months due to restrictions in supply into auctions and a lack of confidence in the retail and wholesale sector.
Over the past couple of weeks, demand has caught up with supply, leading to the price rise.
Melbourne Rodwells wool manager Michael de Kleuver said the price rise was very small, and was on the back of a diminished supply.
“The small rises might encourage people to offer the wool they've held, but they're probably looking for more of a rise before they offer their wool," Mr de Kleuver said.
He said concerns for the future revolved around the demand for woollen garments at the start of the autumn-winter collection.
“Most people in the wool supply chain would be concerned of sales of woollen garments in the Northern Hemisphere.”
The projection of bales on offer for week 50 will be 24 140 bales, with all three selling centres — Sydney, Melbourne and Fremantle — in operation.