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AWEX EMI drop by 14¢
27
Aug '08
The Australian wool market finished 1.1% lower, on average, at sales in Newcastle (sale held in Sydney), Melbourne and Fremantle this week.

The AWEX EMI fell by 14¢ (-1.6%), ending the week at 859¢/kg. This reflected falls of 9¢ (-1.0%) in the North and 19¢ (-2.2%) in the South, with their corresponding Regional Indicators finishing the week at 895¢ and 829¢ clean, respectively. The Western Indicator fell by 2¢ (-0.2%), finishing the week at 842¢.

In a three day Newcastle sale and a two day sale in Melbourne, the AWEX EMI was unchanged on Tuesday, fell by 6¢ on Wednesday and by 8¢ on Thursday. The Western Indicator fell by 2¢ on Wednesday in a one day sale in Fremantle.

41,657 bales were on offer, compared with 39,098 bales last week, of which 12.7% were passed in, comprised of 7.8% in Newcastle, 14.8% in Melbourne and 19.0% in Fremantle. Pass-in rates for Merino fleece and skirtings were 13.5% and 8.6%, respectively. 1,218 bales (2.8%) were withdrawn prior to sale and re-offered bales made up 16.1% of this week's offering.

The US exchange rate (source RBA) was 0.34¢ higher on Monday when compared with Thursday of last week. It was then down by 0.62¢ on Tuesday, up by 0.46¢ on Wednesday and by 0.08¢ on Thursday to close at 87.29¢, up 0.26¢ (+0.3%) since the last sale.

The exchange rate against the Euro rose by 0.49 Euro cents (+0.8%) to close at 59.02 Euro cents on Thursday night. When looked at in other currencies, the AWEX EMI moved down by 10¢ (-1.3%) in US terms and by 4¢ (-0.8%) in Euro terms when compared with the previous sale.

In a week of softer demand, the sales opened with prices down across all micron ranges in the Newcastle sale on Tuesday. This was followed with further falls on Wednesday and Thursday, apart from the fine wools in Newcastle where some Best Spinners types with good strength values were on offer and attracted good competition.

Average AWEX Micron Price Guides (MPGs) over the week were up by 21¢ for 17.0 microns, down by 4¢ for 17.5 microns, by 4¢ for 18.0 microns, by 10¢ for 18.5 microns, by 13¢ for 19.0 microns and by 24¢ for 19.5 microns. The 20.0 micron wool average MPG was down by 17¢ clean, 21.0 microns by 18¢, 22.0 microns by 18¢, 23.0 microns by 16¢, and 24.0 microns by 4¢.

Skirtings were less affected than fleece types, firming on Tuesday before easing on Wednesday and Thursday. Oddments were generally up, with the Merino Cardings Average MPG finishing up by 4¢ for the week. Crossbreds were down, but to a lesser extent than the Merino types, with falls of around 3¢, on average, in their Average MPGs.

Buyers for China were dominant with strong support from buyers for Europe at the Newcastle sale.

Sales will be held in Sydney, Melbourne and Fremantle next week, when 43,296 bales are currently rostered for sale. Present estimates for the following two sales vary from 44,690 to 47,900 bales, a decrease of 6.7% over the threesale period when compared with last year.

The New Zealand Merino Company will also offer 1,609 bales in Melbourne next week in their first Australian sale of the season.

Sales resumed in South Africa this week, where the Cape Wools Indicator was down by 9.6% since last sale before the break against a 2.5% appreciation of the Rand against the US Dollar and a 7.0% appreciation against the Euro.

Australian Wool Innovation

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