Home / Knowledge / News / Textiles / AWEX EMI up by 5¢
AWEX EMI up by 5¢
08
Sep '08
The Australian wool market finished 0.4% higher, on average, at sales in Sydney, Melbourne and Fremantle this week

The AWEX EMI rose by 5¢ (+0.6%), ending the week at 855¢/kg. This reflected rises of 5¢ (+0.6%) in the North and 4¢ (+0.5%) in the South, with their corresponding Regional Indicators finishing the week at 892¢ and 823¢ clean, respectively. The Western Indicator rose by 2¢ (+0.2%), finishing the week at 834¢.

In a two day sale in Sydney and Melbourne, the AWEX EMI rose by 7¢ on Wednesday and fell by 2¢ on Thursday. The Western Indicator rose by 7¢ on Wednesday and fell by 5¢ on Thursday in a two day sale in Fremantle.

38,007 bales were on offer, compared with 37,985 bales last week, of which 10.2% were passed in, comprised of 8.0% in Sydney, 9.4% in Melbourne and 14.1% in Fremantle. Pass-in rates for Merino fleece and skirtings were 10.2% and 11.6%, respectively. 2,041 bales (5.1%) were withdrawn prior to sale and re-offered bales made up 13.1% of this week's offering.

The US exchange rate (source RBA) was 0.46¢ lower on Monday when compared with Wednesday of last week. It was then down by a further 0.72¢ on Tuesday, by 2.11¢ on Wednesday and up by 0.81¢ on Thursday to close at 83.35¢, down 2.48¢ (-2.9%) since the last sale.

The exchange rate against the Euro fell by 0.95 Euro cents (-1.6%) to close at 57.45 Euro cents on Thursday night. When looked at in other currencies, the AWEX EMI moved down by 17¢ (-2.3%) in US terms and by 5¢ (-1.0%) in Euro terms when compared with the previous sale.

The US exchange rate has fallen by 12.89¢ (15.5%) since Sale 01, when was 96.24¢.

This week's fall in the exchange rates was influenced by the Reserve Bank's decision to lower the official interest rate from 7.25 to 7.0% on Tuesday (the first decrease since December 2001) and the announcement on Wednesday of lower than expected economic growth in the June quarter. The recovery in exchange rates on Thursday suggests that they had over-reacted on Wednesday.

The market rose strongly in Australian currency on Wednesday in response to the 3.8% depreciation in the US exchange rate, with rises across all micron ranges and wool types, particularly for 19 and 21 to 23 micron wools. Some of these gains were lost on Thursday when the exchange rate firmed. However, the easing was less than change in the exchange rate and the EMI lifted by 6¢ in US currency.

Average AWEX Micron Price Guides (MPGs) were up by 9¢ for 17.0 microns and 17.5 microns, by 4¢ for 18.0 microns, by 7¢ for 18.5 microns, by 6¢ for 19.0 microns and by 7¢ for 19.5 microns. The 20.0 micron wool average MPG was up by 6¢ clean, 21.0 microns by 13¢, 22.0 microns was unchanged, 23.0 microns was up by 3¢, and 24.0 microns by 3¢.

Skirting types also generally firmed over the week, while oddments were in strong demand on both days leading to a 10¢ (2.5%) increase in the Merino Cardings average MPG. Crossbred average MPGs rose by 7¢ at the fine end, by 12 to 13¢ in the medium range and by 5¢ at the coarse end.

Must ReadView All

Textiles | On 22nd May 2017

GST to be biggest achievement of Modi govt: ASSOCHAM

Goods and Services Tax (GST) which is near a roll-out would be the...

Textiles | On 22nd May 2017

Maintaining NAFTA benefits is crucial: Cotton council

The US must remain a participant in a vibrant North American Free...

Apparel/Garments | On 22nd May 2017

Retailers ask Congress not to go for consumption tax

The National Retail Federation has asked US Congress to focus on...

Interviews View All

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search