The market opened very strongly on Wednesday, with good rises across all micron ranges and wool types, apart from the broader crossbreds in the North. The greatest gains on a percentage basis were from 19.0 to 22.0 microns. The size of the increases was a surprise, as the current feedback from China is that business is very quiet. Discussion within the trade suggested that the market may have been driven by companies who needed to complete shipping requirements. There was also speculation as to whether it was because the sale coincided with the start of the Nanjing Wool Market Conference.
The market maintained its overall level on Thursday, with further gains at the fine end and among the crossbreds. There was some easing from 19.0 to 22.0 microns. The sale of an 11.1 micron lot for 110,000¢ in Melbourne on Tuesday was a feature of this week’s sale. AWEX reported that this is the finest lot ever sold at auction.
The Eastern Market Indicator (EMI) is 316¢ (-24.8%) less than in the same week last year and the WMI is 307¢ (-24.2%) less than in the same week last year. The lift in this week’s market has brought the falls in the Eastern Market Indicator (EMI) and the WMI since the start of the season back to 112¢ ( 10.5%) and 110¢ (-10.7%), respectively.
In other countries, the South African Cape Wools Indicator was up by 2.7% since last week. In New Zealand, the Wool Services International crossbred Indicators were mixed, varying from small falls to unchanged or slightly firmer. Among other fibres, December Futures for cotton fell during the week, but recovered on Friday to finish the week at 75.90¢, down by 0.5% from the previous week.
33,192 bales were on offer, compared with 36,758 bales last week. 6.2% were passed in, comprised of 4.1% in Sydney, 6.5% in Melbourne and 8.5% in Fremantle. Pass-in rates for Merino fleece and skirtings were 6.9% and 5.2%, respectively. 31,128 bales were cleared to the trade.
The year-to-date offering is 49,359 bales less (-13.6%) than at the end of the same week last year. Expected offerings over the next three sales indicate that this figure will move to around -11.5% over that period.
Exchange rates during the week were largely influenced by expectations of what might happen in Germany where the courts were considering Germany’s ability to participate in the Euro Stability Mechanism (EMS). The court’s approval led to a significant lift in global economic confidence and in the US exchange rate.
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