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AWEX EMI fall by 9¢
Sep '08
The Australian wool market finished 1.1% lower, on average, at sales in Sydney, Melbourne and Fremantle this week.

The AWEX EMI fell by 9¢ (-1.0%), ending the week at 850¢/kg. This reflected falls of 8¢ (-0.9%) in the North and 10¢ (-1.2%) in the South, with their corresponding Regional Indicators finishing the week at 887¢ and 819¢ clean, respectively. The Western Indicator fell by 10¢ (-1.2%), finishing the week at 832¢.

In a two day sale in Sydney and Melbourne, the AWEX EMI fell by 7¢ on Tuesday and by 2¢ on Wednesday. The Western Indicator fell by 10¢ on Tuesday in a one day sale in Fremantle.

37,985 bales were on offer, compared with 41,657 bales last week, of which 13.9% were passed in, comprised of 9.1% in Sydney, 12.3% in Melbourne and 24.8% in Fremantle. Pass-in rates for Merino fleece and skirtings were 14.7% and 12.1%, respectively. 1,616 bales (4.1%) were withdrawn prior to sale and re-offered bales made up 14.3% of this week's offering.

The New Zealand Merino Company also offered 1,303 bales in Melbourne on Wednesday of which 40.8% were passed in. 208 bales (16.0%) were withdrawn prior to sale and 10.9% of the bales were re-offers.

The US exchange rate (source RBA) was 0.96¢ lower on Monday when compared with Thursday of last week. It was then down by a further 0.53¢ on Tuesday, up by 0.03¢ on Wednesday to close at 85.83¢, down 1.46¢ (-1.7%) since the last sale. The exchange rate against the Euro fell by 0.62 Euro cents (-1.1%) to close at 58.40 Euro cents on Wednesday night. When looked at in other currencies, the AWEX EMI moved down by 20¢ (-2.7%) in US terms and by 11¢ (-2.2%) in Euro terms when compared with the previous sale.

In another week of softer demand, the sales opened with prices down across all micron ranges and wool types on Tuesday in both Australian and US currency. Wednesday's sale saw some better prices, with lifts at the fine end, particularly in Melbourne.

Average AWEX Micron Price Guides (MPGs) over the week were up by 11¢ for 17.0 microns, by 1¢ for 17.5 microns, down by 13¢ for 18.0 microns, by 6¢ for 18.5 microns, by 9¢ for 19.0 microns and by 9¢ for 19.5 microns. The 20.0 micron wool average MPG was down by 13¢ clean, 21.0 microns by 13¢, 22.0 microns by 10¢, 23.0 microns by 9¢, and 24.0 microns by 8¢.

Skirting types also eased over the week, with the better styled wools described as "remaining firm" in Melbourne on Wednesday. Oddments generally remained firm in the South, but eased in both the North and the West. Crossbreds lifted at the fine end, but eased slightly in the medium and coarse ranges.

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

Sales will be held in Sydney, Melbourne and Fremantle next week, when 42,628 bales are currently rostered for sale. Present estimates for the following two sales vary from 45,810 to 52,100 bales, a decrease of 7.3% over the three sale period when compared with last year.

There was a one week break in South African sales this week.

Australian Wool Innovation Limited

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