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Aussie wool prices marginally up 1% last week
22
Apr '13
The AWEX Regional Indicators finished 1.0% higher, on average, at sales in Sydney, Melbourne and Fremantle last week. The US exchange rate fell by 2%.

The market opened on a downward note in Melbourne on Tuesday, but finished with a strong upward movement on Thursday.

The market appeared to steady on Wednesday when the Southern Region Indicator rose by 3¢; and the Northern and Western Regional Indicators both fell by less than the Southern Region Indicator did on Tuesday. Further lifts in the Regional Indicators on Thursday meant that they all finished in positive territory for the week. Thursday’s rise in the market was good news for growers. But, it is difficult to know what to read into it, as was the case last week, when the market lifted in Fremantle on Thursday,

The price movements during the week led to considerable volatility in individual AWEX MPGs from 19 to 22 microns. But, all average AWEX Merino MPGs rose during the week. The greatest gains were made at 16.5 and 17.0 microns. Growers reacted to the fall in Tuesday’s market by again withdrawing significant amounts of wool prior to sale, particularly in Fremantle where 19.9% of the bales originally rostered for sale during the week were withdrawn. However, growers who put their wool to market, although cautious, were generally still prepared to sell The EMI finished 160¢ (-13.7%) less than in the same week last year and 65¢ (-6.1%) less than at the start of the season.

The WMI is 136¢ (-11.5%) less than in the same week last year and is 29¢ (-2.7%) less than at the start of the season. In other countries, the Cape Wools Indicator in South Africa was up by 2.2% since last week against a 2.5% depreciation of the Rand against the US Dollar and 3.0% depreciation against the Euro. In New Zealand, Wool Services International quoted fine crossbred (35 microns) early shorn and second shear fleece firm to up to 5% cheaper, according to length.

Among other fibers, cotton Futures have fallen during the week. July Futures were down by 3.3% to close at 85.36 US¢; and December Futures were down by 1.6% to 85.17 US¢ on Friday.

43,708 bales were on offer, compared with 52,465 bales last week. 9.4% were passed in, comprised of 6.1% in Sydney, 9.8% in Melbourne and 12.8% in Fremantle. Pass-in rates for Merino fleece and skirtings were 9.8% and 8.2%, respectively. 39,584 bales were cleared to the trade.

The year-to-date offering continues to be slightly up on the same time last year. It is 5,647 bales more (+0.4%) than at the end of the same week last year (see table on the next page). It may move up further over the next three sales, as they are currently expected to be 19.4% above the same period last year.

The US exchange rate fell sharply on Monday and Tuesday after the release of data that the Chinese economy grew by 7.7% in the first quarter, which was less than the expected value of 8% and was less than in the last quarter on 2012.


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