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AWEX EMI up by 17¢
Mar '09
The Australian wool market finished 1.8% higher, on average, at sales in Sydney, Melbourne and Fremantle this week.

The AWEX EMI rose by 17¢ (+2.3%), ending the week at 742¢/kg. This reflected rises of 19¢ (+2.5%) in the North and 14¢ (+2.0%) in the South, with their corresponding Regional Indicators finishing the week at 768¢ and 721¢ clean, respectively. The Western Indicator rose by 6¢ (+0.9%), finishing the week at 703¢.

In a two day sale in Sydney and Melbourne, the AWEX EMI rose by 12¢ on Wednesday and by 5¢ on Thursday. The Western Indicator rose by 9¢ on Wednesday and fell by 3¢ on Thursday in a two day sale in Fremantle.

43,619 bales were on offer, compared with 47,621 bales last week, of which 7.0% were passed in, comprised of 3.3% in Sydney, 5.6% in Melbourne and 12.5% in Fremantle. Pass-in rates for Merino fleece and skirtings were 8.0% and 6.2%, respectively. 1,331 bales (3.0%) were withdrawn prior to sale and re-offered bales made up 12.0% of this week's offering.

The US exchange rate (source RBA) was 0.36¢ lower on Monday when compared with Thursday of last week. It was then down by a further 0.13¢ on Tuesday, up by 0.34¢ on Wednesday and by a further 0.64¢ on Thursday to close at 64.82¢, up 0.49¢ (+0.8%) since the last sale. The exchange rate against the Euro fell by 0.51 Euro cents (-1.0%) to close at 50.48 Euro cents on Thursday night. When looked at in other currencies, the AWEX EMI moved up by 15¢ (+3.2%) in US terms and by 5¢ (+1.4%) in Euro terms when compared with the previous sale.

It was a very good week, with strong demand and rises across all micron ranges and types and low pass-in rates. It a pleasant turn around for the fine wools to lead the market, particularly in the North on Wednesday where the Micron Indicators for 16.5, 17.0, 17.5 and 18.0 microns were up by 71¢, 82¢, 65¢ and 80¢ respectively on the day.

It was also notable that the push for these wools was not lead by the traditional buyers for Italy. The quantity of Superfine types was restricted, leading to strong competition to fill orders. A selection of ultrafine wool attracted good prices in Melbourne on Thursday with one lot (12.7 microns) selling for 28,000¢ greasy, another for 22,000¢ greasy (13.0 microns) and another for 20,000¢ (12.6 microns).

Changes in the Average AWEX Micron Price Guides (MPGs) for Merino wools varied from +0.6% (24.0 microns) to +5.8% (17.0 microns) with the upwards movements greatest among the fine wools. Average MPGs were up by 36¢ clean for 16.5 microns, by 72¢ for 17.0 microns, by 58¢ for 17.5 microns, by 59¢ for 18.0 microns, by 33¢ for 18.5 microns, by 27¢ for 19.0 microns and by 20¢ for 19.5 microns. The 20.0 micron wool average MPG was up by 9¢ clean, 21.0 microns by 8¢, 22.0 microns by 8¢, 23.0 microns by 9¢, and 24.0 microns by 4¢.

There was strong demand for Merino skirtings on Wednesday. This was maintained on Thursday, apart from those lots with heavy amounts of VM in the South and some types in the West. Crossbred prices all moved up, with the lift in the average MPGs ranging from 1¢ to 8¢ (30 microns). The oddment market continued the upward pattern seen since the Christmas break, with the Merino Cardings average MPG picking up another 6¢.

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