AWEX EMI fall by 5¢ (-0.5%)

19 Feb '08

4 min read

The Australian wool market finished 0.5% lower, on average, at sales in Sydney, Launceston/Melbourne and Fremantle this week.

The AWEX EMI fell by 5¢ (-0.5%), ending the week at 992¢/kg. This reflected decreases of 6¢ (-0.6%) in the North and 4¢ (-0.4%) in the South, with their corresponding Regional Indicators finishing the week at 1031¢ and 959¢ clean, respectively. The Western Indicator fell by 5¢ (-0.5%), finishing the week at 998¢.

In a two day sale in Launceston, followed by a one day sale in Melbourne, and a two day sale in Sydney, the AWEX EMI fell by 4¢ on Tuesday, by 3¢ on Wednesday and rose by 2¢ on Thursday. The Western Indicator fell by 5¢ on Wednesday and was unchanged on Thursday in a two day sale in Fremantle.

48,362 bales were on offer, compared with 61,324 bales last week, of which 18.2% were passed in, comprised of 10.4% in Sydney, 14.4% in Launceston and 31.4% in Fremantle. Pass-in rates for Merino fleece and skirtings were 21.2% and 14.0%, respectively.

2,439 bales (4.8%) were withdrawn prior to sale and re-offered bales made up 10.8% of this week's offering. The high pass-in rate in the West arose from a 39.0% pass-in rate on Wednesday followed by 25.2% yesterday. Sellers in the West also withdrew 18.3% of Thursday's offering prior to sale, similarly to last week.

The US exchange rate (source RBA) was 0.91¢ higher on Monday when compared with Thursday of last week. In a much steadier week, it was up by 0.25¢ on Tuesday, down by 0.04¢ on Wednesday and by a further 0.11¢ on Thursday when it closed at 90.26¢, up 1.01¢ (+1.1%) since the last sale.

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