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AWEX Merino Cardings MPG lifts by 14¢
14
Aug '09
The Australian wool market finished 3.5% higher, on average, at sales in Sydney, Melbourne and Fremantle this week as exchange rates weakened slightly and competition was strong.

The AWEX EMI rose by 29¢ (+3.7%), ending the week at 803¢/kg clean. This reflected rises of 26¢ (+3.3%) in the North and 30¢ (+4.0%) in the South, with their corresponding Regional Indicators finishing the week at 822¢ and 789¢ clean, respectively. The Western Indicator rose by 24¢ (+3.2%), finishing the week at 782¢.

In a two day sale in Sydney and Melbourne, the AWEX EMI rose by 25¢ on Wednesday and by 4¢ on Thursday. The Western Indicator rose by 24¢ on Wednesday in a one day sale in Fremantle.

35,921 bales were on offer, compared with 48,120 bales last week, of which 5.6% were passed in, comprised of 3.9% in Sydney, 6.5% in Melbourne and 7.4% in Fremantle. Pass-in rates for Merino fleece and skirtings were 6.3% and 3.1%, respectively. 3,696 bales (9.3%) from the expected offering of 39,617 bales were withdrawn prior to sale and re-offered bales made up 7.5% of the final offering. 33,916 bales were cleared to the trade.

The US exchange rate (source RBA) was 0.38¢ lower on Monday when compared with Thursday of last week. It was then down by a further 0.51¢ on Tuesday, by 1.16¢ on Wednesday and up by 1.34¢ on Thursday to close at 83.66¢, down 0.71¢ ( 0.8%) since the last sale. The exchange rate against the Euro rose by 0.23 Euro cents (+0.4%) to close at 58.80 Euro cents on Thursday night. When looked at in other currencies, the AWEX EMI moved up by 19¢ (+2.9%) in US terms and by 19¢ (+4.2%) in Euro terms when compared with the previous sale.

This week saw the strength of last week's market continued and built upon, creating a lift in prices for Australian growers as well as another lift in US and Euro currency. Gains were recorded across all wool types and micron ranges. It was a very good week with a high clearance rate. In looking for drivers in the market, it is probably a combination of both supply and demand, with concerns about supply having a major influence on the market.

Changes in the average AWEX Micron Price Guides (MPGs) for Merino wools varied from +0.7% (17.0 microns) to +4.5% (19.5 microns) with the greatest general upwards movements in the medium and broader wools. Average MPGs were up by 8¢ for 17.0 microns, by 30¢ for 17.5 microns, by 25¢ for 18.0 microns, by 21¢ for 18.5 microns, by 33¢ for 19.0 microns and by 41¢ for 19.5 microns. The 20.0 micron wool average MPG was up by 32¢ clean, 21.0 microns by 36¢, 22.0 microns by 32¢, 23.0 microns by 31¢, and 24.0 microns by 33¢.

Merino skirtings were in very keen demand on both days, but specially on Thursday when the pass-in rate was only 2.5%. Prices for crossbred types recovered well from last week, with rises of 4.0 to 4.7% for individual micron ranges. Likewise, it was a good week for oddments with the average AWEX Merino Cardings MPG lifting by 14¢ (2/8%). Buyers for China were dominant followed by those buying for India with a smaller presence from Europe than was the case last week.

Sales will be held in Sydney, Melbourne and Fremantle next week, when 35,467 bales are currently rostered for sale. Present estimates for the following two sales are 41,850 and 44,820 bales, respectively; an increase of 3.8% over the three sale period when compared with last year.

The New Zealand Merino Company is rostered to offer 1,350 bales in Week 9. Sales are in recess until next week in South Africa.

Australian Wool Industries Secretariat Inc

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