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AWEX EMI up by 11¢
Jul '09
The Australian wool market finished 1.0% higher, on average, at the last sales before the mid-season break in Sydney, Melbourne and Fremantle this week.

The AWEX EMI rose by 11¢ (+1.4%), ending the week at 786¢/kg. This reflected rises of 10¢ (+1.3%) in the North and 13¢ (+1.7%) in the South, with their corresponding Regional Indicators finishing the week at 808¢ and 771¢ clean, respectively. The Western Indicator fell by 1¢ (-0.1%), finishing the week at 771¢.

In a two day sale in Sydney and Melbourne, the AWEX EMI was unchanged on Tuesday and rose by 11¢ on Wednesday. The Western Indicator fell by 1¢ on Wednesday in a one day sale in Fremantle.

40,453 bales were on offer, compared with 33,476 bales last week, of which 10.3% were passed in, comprised of 5.5% in Sydney, 9.1% in Melbourne and 26.1% in Fremantle. Pass-in rates for Merino fleece and skirtings were 8.0% and 7.0%, respectively. 2,117 bales (5.0%) from the expected offering of 42,570 bales were withdrawn prior to sale and re-offered bales made up 12.7% of the final offering. 36,290 bales were cleared to the trade.

The US exchange rate (source RBA) was 0.90¢ lower on Monday when compared with Thursday of last week. It was then up by 0.16¢ on Tuesday, down by 0.97¢ on Wednesday to close at 78.69¢, down 1.71¢ (-2.1%) since the last sale. The exchange rate against the Euro fell by 0.42 Euro cents (-0.7%) to close at 56.55 Euro cents on Wednesday night. When looked at in other currencies, the AWEX EMI moved down by 4¢ (-0.6%) in US terms and was up by 2¢ (+0.5%) in Euro terms when compared with the previous sale.

The week started on good note on Tuesday and finished strongly in the East on Wednesday. Merino fleece wool moved upwards across nearly all micron ranges on Tuesday and followed this up with further gains on Wednesday, particularly in the South. While the reasons are not fully clear, the Western Market eased on Wednesday with the AWEX Western Indicator moving down by 1¢. Overall it was an encouraging finish to the market prior to the break.

Changes in the Average AWEX Micron Price Guides (MPGs) for Merino wools varied from -0.1% (16.5 and 19.5 microns) to +1.0% (22.0 microns). Average MPGs were down by 1¢ clean for 16.5 microns, up by 6¢ for 17.0 microns, by 1¢ for 17.5 microns, by 8¢ for 18.0 microns, by 5¢ for 18.5 microns, by 8¢ for 19.0 microns and down by 1¢ for 19.5 microns. The 20.0 micron wool average MPG was up by 2¢ clean, 21.0 microns by 5¢, 22.0 microns by 8¢, 23.0 microns by 6¢, and 24.0 microns by 5¢.

Merino skirtings had a very good week, with prices up on both days, including the West where fleece types were generally down. Crossbred types were in very strong demand on Wednesday with their average AWEX MPGs well up on the previous week. The changes in the average MPGs varied from 15¢ (+4.2%) for 32 micron wool to 31¢ (+7.0%). Oddments also had a solid week, with the average AWEX Merino Cardings Index up by 2¢ (+0.4%). Buyers for China were dominant followed by those buying for India.

Sales will be in recess next week and resume in the week commencing 2 August (Week 6). There is no estimate yet of the likely number of bales to be offered in that week.

Sales are in recess in South Africa. Export statistics for May were released by the Australian Bureau of Statistics during the week. Exports were down by 8.2% in weight and by 19.2% in value for the June to May period. 79% of greasy and early stage processed wool exports went to China in the month of May.

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Australian Wool Industries Secretariat Inc

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