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AWEX regional indicator closes 0.1% higher last week
09
Jul '12
Australian Wool Industries Secretariat Inc (AWIS) releases wool sale report for the week ending July 06. The Australian Wool Exchange (AWEX) Regional Indicators finished 0.1% higher, on average at the first sales of the new season in Sydney and Melbourne this week when the US exchange rate rose by 1.5%.  The Eastern Market Indicator (EMI) was up by 1.6% (17¢) in US currency. Next week’s sale will be the last prior to the mid-year three week break.

The market opened on a mixed basis in Australian currency on Wednesday, with gains in most Southern Indicators and falls just outnumbering gains in the North.  The movement in prices was more subdued than in the two previous sales, but was much stronger than in the sales from the mid-May to mid-June. 

Keen demand for 22 and 23 micron wool in the Melbourne resulted in rises of 13¢ and 17¢ respectively in their AWEX Micron Price Guides (MPGs).  When looked at in US currency, the Eastern Market Indicator (EMI) was up by 20¢ since the previous Thursday.

The market was much the same on Thursday, with the Eastern Market Indicator (EMI) unchanged; and the Northern and Southern Indicators finishing within 1¢ of Wednesday’s closing values.  The Eastern Market Indicator (EMI) eased by 3¢ in US currency.

The more subdued note to prices led to a small increase in pass-in rates. When compared with last season, the Eastern Market Indicator (EMI) was 282¢ (-20.8%) less than in Week 01 last year.

In other countries, there was no sales in either South Africa or New Zealand this Week. New Zealand will be selling again next week. Among other fibres, December Futures for cotton rose mid-week, but fell to 70.62 US¢ by Friday, down by 1.0% for the week.

32,526 bales were on offer, compared with 34,068 bales at the last sale (when all three regions sold).  6.0% were passed in, comprised of 6.0% in Sydney and 5.9% in Melbourne.  Pass-in rates for Merino fleece and skirtings were 6.1% and 5.5%, respectively. 30,589 bales were cleared to the trade.

This week’s opening sale was well down (-6,842 bales) on the same sale last year, when the market was still up and growers were keen to sell all available wool.  Next week’s sale is expected to be around 49,000, 17,000 bales more than this week, but still well down on the same sale last year.

The US exchange rate rose sharply at the beginning of the week after the positive news from the latest EU Finance Summit.  There were indications of agreement among the EU Member Nations about the way forward, including the creation of a more centralised financial control mechanism.  The exchange rate continued to rise during the week after the Reserve Bank left the Cash Rate unchanged, good domestic retail data and the expectation of a further cut in Chinese interest rates.

The US exchange rate is at its highest level since early May, when it fell back to under 98¢ following the inability of the Greek parliamentary parties to form a Government that created the need for a second election. It was another very good week for skirtings types also, with prices moving up sharply on both days.   The good demand was reflected in the lowest pass-in rate (5.5%) in recent weeks.

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