Sydney's champion trainer Chris Waller came up short in his bid to win his first Caulfield Cup but can look back with satisfaction on seeing his four runners finish in the first 10 in Saturday's $2.5 million feature.

Waller's runners included the first and second favourites with his best placing being Royal Descent's fifth.

The race favourite Hawkspur did his Melbourne Cup prospects no harm when he made late ground from last to finish seventh while his two outsiders Kelinni (ninth) and Morirarty (10th) both ran honest races.

"I'm not disappointed. I was prepared to win the race, but didn't," Waller said, taking pride from the fact that he was able to get four horses into the final field of 18.

Waller said Royal Descent "looked the winner" at the 300m but probably jarred up on the firm track, a worry heading forward to the Melbourne Cup as the mare, a 10 lengths winner of the ATC Oaks in the autumn on a heavy track, obviously appreciates soft ground.

Waller believes the wide barrier draw brought Hawkspur unstuck as his rider Jim Cassidy had few options from the start and had to ride him from the back of the field.

“He went back, nothing took him into the race and he even had to change back to the inside at the top of the straight," Waller said. "He was a clear last and then ran into trouble but still ran home well.

“I wouldn't be surprised to see him win the Melbourne Cup, but it would have been nice to finish a bit closer."

Hawkspur's loss left his jockey Jim Cassidy on the cusp of winning his 100th Group One race.

Cassidy labelled Hawkspur's performance as "enormous" and is confident he is the horse to give him a third Melbourne Cup success.

“I won't be swapping him," Cassidy said.

Kelinni, fourth in last year's Melbourne Cup, looks back on track for another big run at Flemington after his solid effort for ninth after a less than perfect preparation due to fitness issues.

Moriarty ran his usual honest race and would also deserve a start in the Melbourne Cup if Waller decides to step the Brisbane Cup winner up to 3200m.

Waller's Epsom Handicap winner Boban will wind up his spring in the G1 Emirates Stakes at Flemington on November 9 after keeping his unbeaten record this season intact with his fourth straight win in Saturday's Moonga Stakes.

The son of Bernadini proved he is just as effective racing in the opposite direction after lumping 59.5kg.

"The dampener now is that he'll probably have to carry a bit of weight in the Emirates," said Waller.

"The most important thing is that he's going to come back a good horse."