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Merino Cardings Indicator fall by 32¢
Apr '08
The Australian wool market finished 1.4% lower, on average, at sales in Sydney, Melbourne and Fremantle this week.

The AWEX EMI fell by 19¢ (-2.0%), ending the week at 938¢/kg. This reflected decreases of 28¢ (-2.8%) in the North and 11¢ (-1.2%) in the South, with their corresponding Regional Indicators finishing the week at 981¢ and 903¢ clean, respectively. The Western Indicator fell by 2¢ (-0.2%), finishing the week at 936¢.

In a two day sale in Sydney and Melbourne, the AWEX EMI fell by 6¢ on Wednesday and by 13¢ on Thursday. The Western Indicator rose by 3¢ on Wednesday and fell by 5¢ on Thursday in a two day sale in Fremantle.

52,435 bales were on offer, compared with 53,550 bales last week, of which 20.7% were passed in, comprised of 16.7% in Sydney, 16.4% in Melbourne and 30.8% in Fremantle. The higher than usual pass-in rates were particularly noticeable on Thursday when 27.1% of the Northern offering and 37.7% of the Western offering were passed in.

Pass-in rates for Merino fleece and skirtings were 22.0% and 20.2%, respectively. 2,121 bales (3.9%) were withdrawn prior to sale and re-offered bales made up 16.6% of this week's offering.

The US exchange rate (source RBA) was 0.83¢ lower on Monday when compared with Thursday of last week. It was up by 0.66¢ on Tuesday, down by 0.22¢ on Wednesday and up by 1.07¢ on Thursday to close at 93.79¢, up 0.68¢ (+0.7%) since the last sale.

The exchange rate against the Eurorose by 0.14 Euro cents (+0.2%) to close at 58.87 Euro cents on Thursday night. When looked at in other currencies, the AWEX EMI decreased by 11¢ ( 1.2%) in US terms and by 10¢ (-1.8%) in Euro terms when compared with the previous sale.

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