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Wool market steady
29
Aug '11
The AWEX Regional Indicators finished 0.1% higher, on average, at sales in Sydney and Melbourne this week when the US exchange rate fell by 0.2%.

Sales were held on Tuesday and Wednesday this week to avoid clashing with Wool Week.

37,102 bales were on offer, compared with 46,967 bales last week (when all three regions sold). 12.0% were passed in, comprised of 12.3% in Sydney and 11.7% in Melbourne. Pass-in rates for Merino fleece and skirtings were 12.6% and 8.8%, respectively.

32,664 bales were cleared to the trade.

The New Zealand Merino Company also offered 845 bales in Melbourne on Tuesday of which 25.2% were passed in.

The US Exchange rate oscillated wildly again since last Thursday's close. It fell sharply to 103.38¢ on Friday following further economic concerns in the United States and large falls in global stock markets. It subsequently stabilized and progressively moved up this week to finish close to the previous Thursday's close. It moved to over 105¢ in Tuesday night, but eased during the day on Wednesday.

The market steadied this week after the EMI had fallen by 98¢ (122¢ in US currency) over the first two weeks after the break. Those two weeks experienced the worst global financial unrest since 2008. Demand was more widespread this week as buyers were bidding with greater confidence and competition was very keen for the FNF types. The keenness for the better types was very apparent in the North on Wednesday when fine wool average MPGs lifted by up to 15¢ (17 microns) and Italian interests paid some very good prices in the South.

Overall, the Merino average MPGs were down slightly, other than the 18 micron Indicator.

It was a very good performance, considering the level of the EMI, the continuing global economic unrest and that the Europeans are still on holidays.

Skirtings started the week well, particularly in the South and continued in a similar manner on Wednesday. AWEX reported that prices finished up by up to 30¢ greasy on Wednesday.

Crossbred wools continued in the same manner of the last two weeks, with all average AWEX MPGs making further gains, apart from 28 microns. The 28 to 32 micron average MPGs are now up by 1.5% to 3.2% since the start of the season. They are the only wools to be in positive territory.

Oddments tended to ease or be unchanged, other than stains in the South on Tuesday, which moved up. This market was affected by larger quantities of poorer types. The average Merino Cardings Price Guide eased by 9¢ and is down by 10.4% since the start of the season.

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

Sales will be held in Sydney, Melbourne and Fremantle next week, when 42,747 bales are currently rostered for sale. Present estimates for the following two sales (Weeks 10 and 11) are 42,785 and 42,800 bales, respectively; an increase of 15.0% over the three sale period when compared with last year.

The New Zealand Merino Company is rostered to offer 2,500 bales in Week 10.

There was no sale in South Africa this week. Sales will resume on 31 August.

Click here for chart and tables

Australian Wool Industries Secretariat

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