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AWEX MPGs up; Oddments down
Nov '09
November 2009 The Australian wool market finished 1.6% higher, on average, at sales in Sydney, Melbourne and Fremantle this week when the US exchange rate rose by 0.8%.

The AWEX EMI rose by 10¢ (+1.2%), ending the week at 867¢/kg. This reflected rises of 8¢ (+0.9%) in the North and 13¢ (+1.6%) in the South, with their corresponding Regional Indicators finishing the week at 890¢ and 849¢ clean, respectively. The Western Indicator rose by 19¢ (+2.2%), finishing the week at 871¢.

In a two day sale in Sydney and Melbourne, the AWEX EMI rose by 9¢ on Wednesday and by 1¢ on Thursday. The Western Indicator rose by 12¢ on Wednesday and by 7¢ on Thursday in a two day sale in Fremantle.

45,597 bales were on offer, compared with 50,045 bales last week, of which 7.1% were passed in, comprised of 5.9% in Sydney, 5.4% in Melbourne and 12.7% in Fremantle. Pass-in rates for Merino fleece and skirtings were 6.3% and 6.6%, respectively. 2,167 bales (4.5%) from the expected offering of 47,764 bales were withdrawn prior to sale and re-offered bales made up 6.4% of the final offering. 42,376 bales were cleared to the trade.

The US exchange rate (source RBA) was 0.50¢ higher on Monday when compared with Thursday of last week. It was then down by 0.19¢ on Tuesday, up by 0.12¢ on Wednesday and by 0.26¢ on Thursday to close at 90.54¢, up 0.69¢ (+0.8%) since the last sale. The exchange rate against the Euro fell by 0.01 Euro cents (0.0%) to close at 61.01 Euro cents on Thursday night. When looked at in other currencies, the AWEX EMI moved up by 15¢ (+1.9%) in US terms and by 6¢ (+1.1%) in Euro terms when compared with the previous sale.

The market kicked back quickly from last week's correction, with increases across all micron ranges and all types other than oddments on Wednesday; and consolidation of these gains on Thursday. The Northern market did well coming off the previous week's Newcastle sale. The EMI is at its third highest level for the season in Australian currency and at its second highest level in US currency.

Changes in the Average AWEX Micron Price Guides (MPGs) for Merino wools varied from +0.9% (23.0 microns) to +2.8% (18.5 microns) with the greatest percentage gains from 17.5 to 19.0 microns and for 24.0 micron wool. Average MPGs were up by 21¢ clean for 16.5 microns, by 17¢ for 17.0 microns, by 24¢ for 17.5 microns, by 25¢ for 18.0 microns, by 31¢ for 18.5 microns, by 23¢ for 19.0 microns and by 19¢ for 19.5 microns. The 20.0 and 21.0 micron wools average MPGs were up by 15¢ clean, 22.0 microns by 14¢, 23.0 microns by 7¢, and 24.0 microns by 18¢.

Merino skirtings continued to be in good demand in all three centres and finished up for the week. Crossbred types were relatively unchanged or slightly up, with their average AWEX MPGs up by 1¢ or 7¢. Oddments were down for the week, with the average AWEX Merino Cardings MPG down by 8¢ (-1.4%).

Buyers for China were dominant, followed by buyers for India.

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