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AWEX wool indicator ends 2.2% lower last week
Jul '12
Australian Wool Industries Secretariat Inc (AWIS) releases wool sale report for the week ending July 13. The Australian Wool Exchange (AWEX) Regional Indicators finished 2.2% lower, on average, at sales in Sydney, Melbourne and Fremantle this week when the US exchange rate fell by 0.9%.  TheEastern Market Indicator (EMI)  was down by 2.4% in US currency. These were the last sales prior to the mid-year three week break in sales.

The market finished on a flatter note going into the break, with the Eastern Market Indicator (EMI) easing in Australian and US currencies on both selling days.  The inclusion of 3,500 bales from Tasmania appeared to cushion the overall fall in prices in the South on Tuesday. 

19 through to 20 micron wools were most affected on both days, with falls in their average AWEX Micron Price Guides (MPGs) in excess of 3% since the previous sale.  Nevertheless, most growers were prepared to sell, particularly the skirtings types, which were in keener demand.

The differences in demand over the different micron ranges led to some unusual price differentials.  The closing 22 Micron Price Guides (MPGs) were above, or equal to, the 20 and 21 Micron Price Guides (MPGs) in the North and the South and above the 21 Micron Price Guides (MPGs) in the West on Thursday.

When compared with last season, the Eastern Market Indicator (EMI) was 299¢ (-22.08%) less than in Week 02 last year.  The WMI was 295¢ (-22.3%) less than in Week 02 last year. In other countries, there were no sales in South Africa.  In New Zealand, the Wool Services International crossbred Indicators were down by 3 to 5%. Among other fibres, December Futures for cotton rose late in the week to close at 72.66 US¢ on Friday, up by 2.9% for the week.

47,832 bales were on offer, compared with 32,526 bales last week (when only Sydney and Melbourne sold).  10.9% were passed in, comprised of 9.9% in Sydney, 8.3% in Melbourne and 17.6% in Fremantle.  Pass-in rates for Merino fleece and skirtings were 13.7% and 6.8%, respectively. 42,629 bales were cleared to the trade.

Although, this week’s offering was well up on Week 01, the two sale total of 80,258 bales was 17,903 bales less (-18.2%) than in the same period last year when growers were taking advantage of the excellent prices before the start of the three week recess.

The US exchange rate eased during the week, as global economic news was generally flat.  Financial analysts attributed Wednesday’s rise more to investors covering positions than to economic sentiment.  The situation with the Euro was more positive for Australia, with the Australian exchange rate appreciating by 1.5% during the week.  Our records indicate that Thursday’s closing value of 83.26 Euro cents was the highest since the creation of the Euro.

Demand for skirting types was quite good on Wednesday, particularly for the Tasmanian lots.  Most prices were quoted as up on Wednesday and unchanged on Thursday. Crossbred wool prices were virtually unchanged on both days. Oddments were generally unchanged on Wednesday, but a bit mixed on Thursday.

Buyers for China were dominant this week, followed by strong support from buyers for Europe and India.

Sales will be in recess next week and resume in the week commencing 6 August. Sales are in recess in South Africa until 15 August.

Australian Wool Industries Secretariat Inc (AWIS)

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