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Western Wool Indicator unchanged
Feb '08
In the first correction the since the end of October, the Australian wool market finished 3.6% lower, on average, at sales in Sydney and Melbourne this week.

The AWEX EMI fell by 38¢ (-3.6%), ending the week at 1007¢/kg. This reflected decreases of 32¢ (-2.9%) in the North and 42¢ (-4.2%) in the South, with their corresponding Regional Indicators finishing the week at 1054¢ and 968¢ clean, respectively. The Western Indicator was unchanged at 1053¢, there being no sale in the West.

In a two day sale in Sydney and Melbourne, the AWEX EMI fell by 21¢ on Wednesday and by 17¢ on Thursday.

44,533 bales were on offer, compared with 49,903 bales last week, of which 19.3% were passed in, comprised of 19.1% in Sydney and 19.4% in Melbourne. Pass-in rates for Merino fleece and skirtings were 25.8% and 9.2%, respectively. 645 bales (1.4%) were withdrawn prior to sale and re-offered bales made up 10.0% of this week's offering.

The US exchange rate (source RBA) was 1.24¢ higher on Tuesday when compared with Thursday of last week (Monday was a Public Holiday for Australia Day). It was up by 0.18¢ on Wednesday and down by 0.04¢ on Thursday to close at 88.84¢, up 1.38¢ (+1.6%) since the last sale.

The exchange rate against the Euro rose by 0.04 Euro cents (+0.1%) to close at 59.87 Euro cents on Thursday night. When looked at in other currencies, the AWEX EMI decreased by 19¢ ( 2.1%) in US terms and by 22¢ (-3.5%) in Euro terms when compared with the previous sale.

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