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Australian wool market closes lower
26 Feb '08
4 min read
The exchange rate against the Euro rose by 0.45 Euro cents (+0.7%) to close at 62.41 Euro cents on Thursday night. When looked at in other currencies, the AWEX EMI decreased by 1¢ (-0.1%) in US terms and by 7¢ (-1.1%) in Euro terms when compared with the previous sale.
The market was faced with a continuing high exchange rate and a forecast large offering, particularly in Melbourne. Despite easing by 18¢ over the week, the EMI only fell by 1¢ in US currency and 7¢ in Euro terms, reflecting an ongoing firmness in the market.
The market opened on a softer note in Melbourne on Tuesday, with falls across all wool types and micron ranges and the AWEX Southern Market Indicator falling by 20¢. The market then remained reasonably settled at the new level. As is now a regular pattern, there was good competition for the better wools with higher strength values and low mid-breaks.
Closing average AWEX Micron Price Guides (MPGs) were unchanged for 17.0 microns, down by 3¢ for 17.5 microns, by 8¢ for 18.0 microns, by 18¢ for 18.5 microns, by 26¢ for 19.0 microns, and by 36¢ for 19.5 microns. The 20.0 micron wool average MPG was down by 26¢ clean, 21.0 microns by 27¢, 22.0 microns, by 21¢, 23.0 microns by 17¢, and 24.0 microns by 7¢.
Skirtings prices well on opening, after which they were generally unchanged or slightly up. Oddments fell sharply, before recovering some of the early losses. Crossbreds followed a similar pattern, with the medium and coarse wool less affected than the fine crossbreds.
Sales will be held in Newcastle, Melbourne and Fremantle next week, when 54,986 bales are currently rostered for sale. Present estimates for the following three sales vary from 39,100 (Sydney and Melbourne only) to 54,085 bales, a decrease of 13.3% over the four sale period when compared with last year.
There were no sales in South Africa this week.
The market was faced with a continuing high exchange rate and a forecast large offering, particularly in Melbourne. Despite easing by 18¢ over the week, the EMI only fell by 1¢ in US currency and 7¢ in Euro terms, reflecting an ongoing firmness in the market.
The market opened on a softer note in Melbourne on Tuesday, with falls across all wool types and micron ranges and the AWEX Southern Market Indicator falling by 20¢. The market then remained reasonably settled at the new level. As is now a regular pattern, there was good competition for the better wools with higher strength values and low mid-breaks.
Closing average AWEX Micron Price Guides (MPGs) were unchanged for 17.0 microns, down by 3¢ for 17.5 microns, by 8¢ for 18.0 microns, by 18¢ for 18.5 microns, by 26¢ for 19.0 microns, and by 36¢ for 19.5 microns. The 20.0 micron wool average MPG was down by 26¢ clean, 21.0 microns by 27¢, 22.0 microns, by 21¢, 23.0 microns by 17¢, and 24.0 microns by 7¢.
Skirtings prices well on opening, after which they were generally unchanged or slightly up. Oddments fell sharply, before recovering some of the early losses. Crossbreds followed a similar pattern, with the medium and coarse wool less affected than the fine crossbreds.
Sales will be held in Newcastle, Melbourne and Fremantle next week, when 54,986 bales are currently rostered for sale. Present estimates for the following three sales vary from 39,100 (Sydney and Melbourne only) to 54,085 bales, a decrease of 13.3% over the four sale period when compared with last year.
There were no sales in South Africa this week.
Australian Wool Innovation Limited
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