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AWEX wool Indicator down 2% from previous week
23
Apr '12
Australian Wool Industries Secretariat Inc (AWIS) releases wool sale report for the week ending April 20. The Australian Wool Exchange (AWEX) Regional Indicators finished 2.0% lower, on average, when sales resumed in Sydney, Melbourne and Fremantle after the one week Easter break. The US exchange rate rose by 0.7% over the two weeks since the last sale.

The market eased again when it opened on Tuesday in the South and on Wednesday in the North and the West. The softer market was expected by members of the trade given the size of the offering, current market trends and that all reports say that China is very quiet at the moment. Nevertheless the fall was less than had been tipped by some. The North was the most affected when sales opened there on Wednesday. The fine end was most affected in the opening sales.

The Southern market bounced back on Wednesday, but eased again on Thursday. Crossbreds again fared better than the Merino wools. Pass-in rates continue to be above average.

The Eastern Market Indicator (EMI) remains at a healthy level in historical terms; and at 1165¢ is 160¢ less than in the same week last year. The season average of 1224¢ is 142¢ higher than the season average at the end of Week 42 last year.

The Western Market Indicator was 85¢ less than in the same week last year; and the season average is 164¢ above the season average at the same time last year.

In other countries, the Cape Wools Indicator was down by 0.3% from the previous sale two weeks ago. The Rand to the US exchange rate was down by 0.8%. In New Zealand, Wool Services International reported that most crossbred types eased by 3 to 5%.

Among other fibres, May futures for cotton were up by 1.7% from the time of the last wool sale, to close at 90.03 US¢ per pound on Friday.

55,594 bales were on offer, compared with 49,205 bales at the last sale. 15.4% were passed in, comprised of 15.6% in Sydney, 12.3% in Melbourne and 21.6% in Fremantle. Pass-in rates for Merino fleece and skirtings were 14.4% and 26.8%, respectively. The pass-in rate for skirtings was 34.4% on Thursday when larger volumes of poorer types were on offer.

47,058 bales were cleared to the trade. The year-to-date offering is 84,429 bales less (-5.0%) than at the end of the same week last year (see table on the next page). This comparison is overstated, as the Easter break was one week later last year.

Offerings are set to reduce over the next three weeks, with the current estimates ranging from 40,000 to 44,000.

The US exchange rate has been mostly in the 103¢ to 104¢ range since the last sale and has remained in that range this week. Financial analysts attributed the increase on Wednesday to a successful bond auction in Spain. This was seen as an indicator of a more optimistic prognosis for Spain. However, this was followed by a more cautious approach the following day prior to upcoming other Euro bond auctions.

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