The AWEX Regional Indicators finished 1.5% higher, on average, at sales in Sydney, Melbourne and Fremantle this week. The US exchange rate rose by 0.8%, taking the increase in US currency to 2.4%.It was another good market this week, that began with a solid start against a rising US exchange rate in Melbourne on Tuesday.
Micron Price Guides were largely unchanged up to 21 microns and slightly down among the medium and broad Merino wools. Wednesday’s sale was more mixed, with an easing at the fine end (more so in the North), and gains in other micron ranges In Sydney and Melbourne. The gains were greatest later in the day in the one day sale in Fremantle. 19.0 and 19.5 MPGs were up by 25¢ and 34¢, respectively from the previous week. 20 to 22 MPGs up by 14¢ to 19¢.
The strong finish in Fremantle on Wednesday flowed onto Sydney and Melbourne on Thursday, when there were good rises across all micron ranges and wool types. The greatest percentages gains were from 19 to 22 MPGs which lifted by just under 2% in the North and by around 1% in the South. Trade reports say that the market closed very strongly, with the closing prices at the highest levels for the day. The strong finish to the week was driven by inquiry from China.
The greatest gains over the week were from 19.0 to 22 microns.The lift in the market has taken the EMI to 159¢ (-13.3%) less than in the same week last year and 36¢ (-3.4%) less than at the start of the season. The WMI is 174¢ (-14.3%) less than in the same week last year and is 32¢ (-3%) less than at the start of the season.
In other countries, the Cape Wools Indicator was down by 0.3%, but up by 0.4% in US currency, since last week. In New Zealand, Wool Services International quoted fine crossbred as “generally firm” and coarse crossbred fleece as “firm to 2% dearer”.
Among other fibres, cotton Futures rose during the week after last week’s falls. March Futures closed at 73.91 US¢ on Friday, up by 3.5% since the previous week.
49,150 bales were on offer, compared with 46,503 bales last week. 5.5% were passed in, comprised of 6.0% in Sydney, 4.1% in Melbourne and 9.2% in Fremantle. Pass-in rates for Merino fleece and skirtings were 5.8% and 3.5%, respectively.
46,429 bales were cleared to the trade.The difference between this year’s offering narrowed again this week. The difference is now -25,758 bales (-3.1%). It is expected to move to around -2.5% at the close of selling prior to the Christmas break.The New Zealand Merino Company also offered 3,071 bales in Melbourne on Tuesday of which 42.7% were passed in.