The Australian wool market continued its climb this week with the AWEX Eastern Market Indicator lifting four per cent to 1448 cents per kilogram, pushing the indicator 27pc higher than the same time last year.
This was the fifth consecutive series that the wool market has continued to climb, with all Merino types and descriptions across the entire micron spectrum soaking up the gains.
Making the gains even more meaningful though was the market's resistance to give in to a larger offering as buyer support pushed prices higher from the opening lot.
After not selling in the previous week, the Fremantle region returned for the series and combined with last week's price increases enticed more sellers to the market, pushing the national quantity up to 42,496 bales, an increase of 6208 bales.
According to Mecardo managing director Robert Hermann a steady start became a buying frenzy in the wool market.
"It was a steady but solid start to the selling week, however this soon changed as buyers became animated, bidding strongly across all categories," Mr Hermann said.
"This initial positive market was nothing on what happened on Thursday, AWEX reported a "forceful opening" that saw immediate lifts in the Merino fleece types, with clearance rates above 99pc."
The individual Merino fleece Micron Price Guides (MPGs) in the eastern centres added between 45 and 129c for the series while the southern 16.5 MPG indicator has now rallied for 11 consecutive selling days, adding 365c over this period.
According to AWEX data, this run of gains is a new record for this indicator since it was introduced in 2006.
And instead of it all being about the finer wool, this week medium wool prices outperformed their finer cousins.
In the southern region, fleece wool prices for 19.5 to 22-micron rose by 5pc to 6.5pc, while finer wool prices were generally 3pc to 4pc higher.
With Fremantle not participating last week, the rises in the west were even more significant posting a lift of 58c for the WMI, along with a further 34c rise on Thursday to close up 92c for the week at 1477c/kg.
The Western MPGs added between 94 and 132c.
The EMI has now risen for 12 consecutive selling days, adding 142c across these sales.
Mr Hermann said the market is now seemingly on an upward push.
"After the uncertainty of the past year this is a remarkable feat, underlying that demand is returning stronger than we had before the pandemic disruption," he said.
"To illustrate this strong rebound, the southern 16.5 MPG indicator, now sitting at 2792c, is the highest it has been since October 2018, when it was at 2881c."
Next week is the final sale for the current season and the last for the 2020/21 financial year.
With Fremantle having another break next week, just 34,600 bales are rostered with sales in Sydney and Melbourne on Tuesday and Wednesday.
Mr Hermann said with low number of bales on offer and a rising market, the industry is likely to see a strong finish to the season.