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AWEX wool indicator finishes 1.1% lower last week
04
Jun '12
Australian Wool Industries Secretariat Inc (AWIS) releases wool sale report for the week ending June 1. The Australian Wool Exchange (AWEX) Regional Indicators finished 1.1% lower, on average, at sales in Sydney, Melbourne and Fremantle this week when the US exchange rate fell by 0.3%. The Eastern Market Indicator (EMI) in US currency was 1.0% lower than at the close of last week's sale.

The market opened in a very mixed manner. FNF wools were in good demand and there was a distinct gradient in demand according to micron. The finest micron types came off sharply, particularly in the South where they had actually picked up last week.

Nevertheless, there was some elite wool on offer from shedded sheep at the Wool Factory at Horsham. AWEX reports that 11,700¢ greasy was paid a bale of 12.3 micron wool and 9,500¢ was paid for a bale of 1PP wool that measured 12.6 microns. The falls in demand eased from 18 microns on and AWEX Micron Price Guides (MPGs) were relatively unchanged from 23 microns on. The greater fall in the WMI once again included a catch-up factor from last Thursday when there was no sale in Fremantle.

The Eastern Market Indicator (EMI) was only down by 1¢ in US on Wednesday, but the benefit to growers was lost due to a slightly stronger US exchange rate.

Thursday's market was relatively unchanged from Wednesday's for most micron ranges.
The week's falls in the Eastern Market Indicator (EMI) in both currencies were the smallest since the beginning of May when the impact of the latest Greek crisis began to take effect. The Eastern Market Indicator (EMI) has fallen by 74¢ in Australian currency and by 140¢ in US over the four week period. Crossbred wools, on average, had a slightly better week than Merino wools.

Pass-in rates were less than last week in the East but were higher in the West. The Southern pass-in rate was not much above the season average, whereas the West was well above their season average.

In other countries, there was no sale in South Africa. The Wool Services International fine crossbred (33 - 35 microns) and coarse crossbred (36 – 39 microns) Indicators were both up by 2% in New Zealand on top of last week's 2 to 4.5 % rise.

Among other fibres, July futures for cotton were down by 6.8% from last week to close at 68.59 US¢ on Friday.

39,341 bales were on offer, compared with 33,273 bales last week. 16.5% were passed in, comprised of 14.0% in Sydney, 12.9% in Melbourne and 32.4% in Fremantle. Pass-in rates for Merino fleece and skirtings were 16.2% and 22.7%, respectively. 32,853 bales were cleared to the trade.

The year-to-date offering is 48,925 bales less (-2.6%) than at the end of the same week last year. Although expected offerings are small for the next three weeks, they are larger than last year. The year-to-year difference is expected to come back to around -1.7% over this period.

The US exchange rate rose early in the week on news that the fiscal conservatives appear to be gaining the upper hand prior to the forthcoming Greek election and on some encouraging expectations about economic growth and investment in China. Financial analysts said that the fall later in the week was associated with poor Australian retail figures in April, a more subdued view of China's outlook and more Eurozone nervousness.

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