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Upward trends in wool market
Jun '11
The AWEX Regional Indicators finished 0.4% higher, on average, at sales in Sydney and Melbourne when the US exchange rate rose by 0.2%.

The AWEX EMI and Regional Indicators quietly moved to new highs in Australian (1436¢) and US Currency (1515¢).

The season average for the AWEX EMI (1137¢) is 266¢ (30.5%) above the average to the same time last year.

22,317 bales were on offer in the smallest sale of the season, compared with 26,489 bales last week (when all three regions sold). 6.8% were passed in, comprised of 8.0% in Sydney and 5.8% in Melbourne. Pass-in rates for Merino fleece and skirtings were 8.1% and 7.7%, respectively.

20,808 bales were cleared to the trade.

The US exchange rate was relatively stable, with a small lift on Wednesday after the Greek Government vote of confidence was passed on Tuesday (Greek time) before falling on Thursday and steadying on Friday.

It was another good week. Although there was little overall change in the market, it remained at record levels.

The market opened on a mixed, but overall upwards market on Wednesday. Some very good 17 microns and finer wool sold very well in the South, while the 18 to 19 microns MPGs eased by around 25¢; and 20 to 23 micron MPGs were up by around 8¢, on average. Northern Merino prices were relatively unchanged, on average, apart from a slight easing at 18 microns. Lower VM wools were reported to be in small supply and attracted good competition.

The EMI in US currency (1515¢) has risen by 95.9% since July compared with a 62.8% increase in Australian currency.

The quantities on offer in the last three sales have all been small, ranging between 22,317 bales (this week) and 26,489 bales. It is often said that competition falls away in small offerings. That has not been the case in the current market, with the EMI lifting by 40¢ over the last three sales and moving to a new record high in each week.

It was a another generally good week for skirting types, with good competition for the smaller offering leading to further price rises and another low pass-in rate, despite the presence of a lot of wool in the higher VM ranges this week.

Crossbreds continued in keen demand following their strong performance in last week's sale. Percentage increases in the 28 to 32 micron average AWEX MPGs were all above those for Merino types.

Oddments continued the good run of the last three weeks with strong demand for all types. The average AWEX Merino Cardings Price Guide was up by further 3.7%, taking the rise over the last four sales to 15.2%.

Buyers for China were dominant with good buying support from India, Europe, Taiwan and Korea.

Sales will be held in Sydney, Melbourne and Fremantle next week, when 31,660 bales are currently rostered for sale. Present estimates for the following two sales (Weeks 01 and 02) are 30,048 and 37,300 bales, respectively; a decrease of 15.0% over the three sale period when compared with last year. Sale 02 is the last sale before the mid-year break.
Sales are in recess in South Africa until 17 August.

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Australian Wool Industries Secretariat

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