AWEX wool indicator closes 0.3% lower last week

05 Nov '12

4 min read

The US exchange rate was relatively stable for the second week in a row. There was a shortage of economic data during the week to spark movements in either direction. Financial analysts appeared to spend a large part of their time this week speculating on whether or not the Reserve Bank will lower the cash rate when it meets on Tuesday. The expectation of a 25 points fall on Tuesday lessened during the week.

Skirtings continued to be in generally good demand, although an easing in prices was reported in Fremantle. Crossbreds were relatively unchanged during the week. Oddments were also relatively unchanged apart from washing locks which were reported as easing during the week.

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

Sales will be held in Sydney, Melbourne and Fremantle next week, when 48,280 bales are currently rostered for sale. Present estimates for the following two sales (Weeks 20 and 21) are 48,120 and 47,450 bales, respectively; an increase of 10.3% over the three sale period when compared with last year.

Australian Wool Industries Secretariat Inc (AWIS)

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