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AWEX EMI up by 2¢
Apr '09
The Australian wool market finished 0.1% higher, on average, at sales in Sydney, Melbourne and Fremantle this week. It was the last sale before the Easter break.

The AWEX EMI rose by 2¢ (+0.3%), ending the week at 767¢/kg. This reflected an unchanged Indicator in the North and an increase of 3¢ (+0.4%) in the South, with their corresponding Regional Indicators finishing the week at 787¢ and 750¢ clean, respectively. The Western Indicator was unchanged, finishing the week at 730¢.

In a two day sale in Sydney and Melbourne, the AWEX EMI fell by 1¢ on Tuesday and rose by 3¢ on Wednesday. The Western Indicator fell by 6¢ on Tuesday and rose by 6¢ on Wednesday in a two day sale in Fremantle.

46,080 bales were on offer, compared with 47,174 bales last week, of which 9.8% were passed in, comprised of 6.8% in Sydney, 10.1% in Melbourne and 13.5% in Fremantle. Pass-in rates for Merino fleece and skirtings were 12.4% and 3.9%, respectively. 1,696 bales (3.5%) were withdrawn prior to sale and re-offered bales made up 11.2% of this week's offering.

The US exchange rate (source RBA) was 1.43¢ higher on Monday when compared with Thursday of last week. It was then down by 0.50¢ on Tuesday and by 0.71¢ on Wednesday to close at 70.55¢, up 0.22¢ (+0.3%) since the last sale. The exchange rate against the Euro rose by 0.53 Euro cents (+1.0%) to close at 53.53 Euro cents on Wednesday night. When looked at in other currencies, the AWEX EMI moved up by 3¢ (+0.6%) in US terms and by 6¢ (+1.5%) in Euro terms when compared with the previous sale.

It was another good week with the AWEX EMI finishing slightly up, despite a further strengthening of the US and Euro exchange rates. Wools from 17.5 microns and finer all made gains in A$, while other Merino wools were relatively unchanged. The EMI has moved up by 45 Australian cents (+6.2%), 72 US cents (+15.4%) and by 42 Euro cents (+11.4%) over the last six weeks.

It is a positive note to go into the break with Changes in the Average AWEX Micron Price Guides (MPGs) for Merino wools varied from -0.8% (19.0 microns) to +1.8% (16.5 microns). Average MPGs were up by 26¢ clean for 16.5 microns, by 16¢ for 17.0 microns, by 12¢ for 17.5 microns, was unchanged for 18.0 microns, down by 4¢ for 18.5 microns, by 8¢ for 19.0 microns and by 2¢ for 19.5 microns. The 20.0 micron wool average MPG was unchanged, 21.0 microns was up by 3¢, 22.0 microns was down by 1¢, 23.0 microns by 1¢, and 24.0 microns by 4¢.

Merino skirtings eased slightly on Tuesday, particularly among those with higher VM levels, but generally recovered those losses on Wednesday. Demand was strong, as reflected in the low pass-in rate. Crossbred types finished on another strong note following on from the increases of over 4% seen last week. The average AWEX MPGs were up by 1.4% to 2.4% for 26, 28 and 32 micron wools and down by 0.5% for 30 micron wools. Oddments were reported as generally unchanged apart from in the South on Tuesday where prices eased.

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