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AWEX EMI up by 1¢
Mar '09
The Australian wool market finished 0.1% lower, on average, at sales in Sydney, Melbourne and Fremantle this week.

The AWEX EMI rose by 1¢ (+0.1%), ending the week at 743¢/kg. This reflected a fall of 1¢ (-0.1%) in the North and an increase of 1¢ (+0.1%) in the South, with their corresponding Regional Indicators finishing the week at 767¢ and 722¢ clean, respectively. The Western Indicator fell by 3¢ (-0.4%), finishing the week at 700¢.

In a two day sale in Sydney and Melbourne, the AWEX EMI was unchanged on Wednesday and rose by 1¢ on Thursday. The Western Indicator rose by 1¢ on Wednesday and fell by 4¢ on Thursday in a two day sale in Fremantle.

45,293 bales were on offer, compared with 43,619 bales last week, of which 10.0% were passed in, comprised of 6.4% in Sydney, 11.0% in Melbourne and 11.5% in Fremantle. Pass-in rates for Merino fleece and skirtings were 11.8% and 6.1%, respectively. 1,741 bales (3.7%) were withdrawn prior to sale and re-offered bales made up 11.9% of this week's offering.

The US exchange rate (source RBA) was 0.82¢ higher on Monday when compared with Thursday of last week. It was then up by a further 0.45¢ on Tuesday, by 0.04¢ on Wednesday and by 1.41¢ on Thursday to close at 67.54¢, up 2.72¢ (+4.2%) since the last sale. The exchange rate against the Euro fell by 0.30 Euro cents (-0.6%) to close at 50.18 Euro cents on Thursday night. The large change in the US exchange rate appeared to be more related to events in the United States than in Australia.

When looked at in other currencies, the AWEX EMI moved up by 21¢ (+4.4%) in US terms and was down by 2¢ (-0.5%) in Euro terms when compared with the previous sale.

It was another good week, with strong demand and rises across most micron ranges and types and below average pass-in rates, despite the 4.2% increase in the US exchange rate. The AWEX Micron Price Guides (MPGs) for 16.5 and 17.0 microns rose by 47¢ and 27¢ respectively over the two days of selling. The increase of 21¢ in the EMI in US terms took it to its highest since the Christmas break.

Changes in the Average AWEX MPGs for Merino wools varied from -1.0% (21.0 and 23.0 microns) to +2.0% (16.5 microns) with the greatest increases among wools less than 17.5 microns. Average MPGs were up by 27¢ clean for 16.5 microns, by 13¢ for 17.0 microns, by 7¢ for 17.5 microns, by 5¢ for 18.0 microns, down by 3¢ for 18.5 microns, up by 1¢ for 19.0 microns and by 5¢ for 19.5 microns. The 20.0 micron wool average MPG was up by 1¢ clean, 21.0 microns was down by 7¢, 22.0 microns by 6¢, 23.0 microns by 7¢, and 24.0 microns was up by 3¢.

The strong demand seen for Merino skirtings last week continued over both days, particularly for some FNF wools in the South. The skirtings pass-in rate of 6.1% was similar to last week and significantly lower than in recent weeks.

Prices for crossbred types eased, apart from at the coarse end, where the 32 micron average MPG was unchanged. The oddment results were mixed on Wednesday and generally softer on Thursday. The average Merino Cardings MPG was down by 8¢, but is still 44¢ above the pre-Christmas level.

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