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AWEX EMI up by 27¢
18
Aug '08
The Australian wool market finished 2.9% higher, on average, at sales in Sydney, Melbourne and Fremantle this week, as the US exchange rate moved further downwards.

The AWEX EMI rose by 27¢ (+3.2%), ending the week at 873¢/kg. This reflected rises of 22¢ (+2.5%) in the North and 30¢ (+3.7%) in the South, with their corresponding Regional Indicators finishing the week at 904¢ and 848¢ clean, respectively. The Western Indicator rose by 20¢ (+2.4%), finishing the week at 844¢.

In a two day sale in Sydney and Melbourne, the AWEX EMI rose by 27¢ on Wednesday and was unchanged on Thursday. The Western Indicator rose by 25¢ on Wednesday and fell by 5¢ on Thursday in a two day sale in Fremantle.

39,098 bales were on offer, compared with 61,036 bales last week, of which 9.1% were passed in, comprised of 7.8% in Sydney, 6.1% in Melbourne and 18.6% in Fremantle. Pass-in rates for Merino fleece and skirtings were 8.6% and 7.2%, respectively. 3,696 bales (8.6%) were withdrawn prior to sale and re-offered bales made up 10.2% of this week's offering.

The US exchange rate (source RBA) was 2.54¢ lower on Monday when compared with Thursday of last week. It was then down by a further 1.14¢ on Tuesday, by 0.85¢ on Wednesday and up by 0.47¢ on Thursday to close at 87.03¢, down 4.06¢ (-4.5%) since the last sale.

The exchange rate against the Euro fell by 0.45 Euro cents (-0.8%) to close at 58.53 Euro cents on Thursday night. When looked at in other currencies, the AWEX EMI moved down by 11¢ (-1.4%) in US terms and (+2.4%) in Euro terms when compared with the previous sale.

The US exchange rate has fallen by 14.7% since the close of the last sale before the mid-year break. This appears to have been mostly due to an appreciation of the US dollar and indications that the next move in Australian interest rates will down.

Sales opened on a strong note for the first time since the EMI peaked at 1045¢ in January earlier this year. The fall in US exchange rate no doubt was of assistance, which differs from last week when both the EMI and the US exchange rate moved in a downwards direction. Gains were seen across all micron ranges from 17.5 microns up and across all wool types. Some of the gains were lost in the North and the West on Thursday. But, these were minor compared with the previous day.

Average AWEX Micron Price Guides (MPGs) were up, by 19¢ for 17.5 microns, by 13¢ for 18.0 microns, by 23¢ for by18.5 microns, by 29¢ for 19.0 microns and by 43¢ for 19.5 microns. The 20.0 micron wool average MPG was up by 32¢ clean, 21.0 microns by 26¢, 22.0 microns by 23¢, and 23.0 microns by 22¢.

Skirtings were in strong demand and moved upwards on both selling days. Oddments had a mixed week with some types up on Wednesday and others unchanged or slightly down. Overall, the Merino Cardings Indicator finished 4¢ up for the week. Most crossbreds made major gains, with the Average MPG up by 5¢, for 26 microns, by 35¢ for 28 microns, by 17¢ for 30 microns and by 23¢ for 32 microns.

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

Sales will be held in Newcastle, Melbourne and Fremantle next week, when 43,944 bales are currently rostered for sale. Present estimates for the following two sales vary from 44,880 to 45,300 bales, a decrease of 4.6% over the three sale period when compared with last year.

South African sales are in recess until 20 August.

Australian Wool Innovation Limited

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