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AWEX EMI moves down by 19¢
15
Jul '08
The Australian wool market finished 0.9% lower, on average, at sales in Sydney, Melbourne and Fremantle this week in the last sale before the mid-year break

The AWEX EMI fell by 10¢ (-1.1%), ending the week at 864¢/kg. This reflected falls of 10¢ (-1.1%) in the North and 8¢ (-1.0%) in the South, with their corresponding Regional Indicators finishing the week at 902¢ and 832¢ clean, respectively. The Western Indicator fell by 5¢ (-0.6%), finishing the week at 840¢.

In a two day sale in Sydney and Melbourne, the AWEX EMI fell by 5¢ on Tuesday and by 5¢ on Wednesday. The Western Indicator fell by 5¢ on Wednesday in a one day sale in Fremantle.

45,258 bales were on offer, compared with 45,544 bales last week, of which 11.2% were passed in, comprised of 8.5% in Sydney, 9.7% in Melbourne and 18.6% in Fremantle. Pass-in rates for Merino fleece and skirtings were 10.9% and 10.1%, respectively. 725 bales (1.6%) were withdrawn prior to sale and re-offered bales made up 13.5% of this week's offering.

The US exchange rate (source RBA) was 0.18¢ lower on Monday when compared with Thursday of last week. It was then down by a further 0.63¢ on Tuesday and by 0.28¢ on Wednesday to close at 95.15¢, down 1.09¢ (-1.1%) since the last sale.

The exchange rate against the Euro rose on Monday, but fell over the next two days to close at 60.54 Euro cents on Wednesday night, down by 0.11 Euro cents (-0.2%). When looked at in other currencies, the AWEX EMI moved down by 19¢ (-2.3%) in US terms and by 7¢ (-1.3%) in Euro terms when compared with the previous sale.

The market closed for the break on a softer note, with an easing across all Merino micron ranges and strong support confined to the very good wools. Falls were least at the fine end. Average AWEX Micron Price Guides (MPGs) were down by 1¢ for 17.0 microns, by 6¢ for 17.5 microns, by 19¢ for 18.0 microns, by 18¢ for 18.5 microns, by 15¢ for 19.0 microns and by 12¢ for 19.5 microns. The 20.0 micron wool average MPG was down by 11¢ clean, 21.0 microns by 8¢, 22.0 microns by 8¢, 23.0 microns by 6¢, and 24.0 microns by 12¢.

Skirtings were less affected in the North and the South, where they were largely unchanged, but eased in the West. Oddments were again easier, with the average Merino Cardings MPG down by 8¢. Crossbred average MPGs were all up - by 9¢ for 26 microns, by 1¢ for 28 microns, by 4¢ for 30 microns and by 3¢ for 32 microns.

Buyers for China were dominant, with good support from buyers for Europe and India.

Looking at the last sale before the break last year, average MPGs are up for 16.5 to 18.5 micron wools, but down for the other micron ranges as follows - 16.5 microns +187¢, 17.0 microns +149¢, 17.5 microns +169¢, 18 microns +181¢, 18.5 microns +59¢, 19.0 microns -27¢, 19.5 microns -70¢, 20 microns -95¢, 21 microns -89¢, 22 microns -80¢, 23 microns 66¢, 24 microns -34¢. Fine crossbred average MPGs were down by 38¢, medium crossbreds by 35¢ and coarse crossbreds by 1¢.

Sales will be in recess next week and resume in the week commencing 4 August (Week 6), when 59,700 bales are currently rostered for sale in Sydney, Melbourne and Fremantle.

South African sales are in recess until 20 August.

AWTA sampling and testing data to the end of June was released last week. The weight of wool tested was down by 7% for the twelve month period. This is line with the production forecast of -7% from 430 mkg in 2006/07 to 400 mkg in 2007/08.

Australian Wool Innovation Limited

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