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Average Merino Cardings MPG up by 3¢
02
Mar '10
AWIS wool market review - The Australian wool market finished 0.1% higher, on average, at sales in Newcastle, Melbourne and Fremantle this week when the US exchange rate fell by 0.8%.

46,144 bales were on offer, compared with 44,453 bales last week, of which 8.1% were passed in, comprised of 4.1% in Newcastle, 9.0% in Melbourne and 11.5% in Fremantle. Pass-in rates for Merino fleece and skirtings were 10.1% and 3.3%, respectively.

1,105 bales (2.3%) from the expected offering of 7,249 bales were withdrawn prior to sale and re-offered bales made up 10.2% of the final offering. 42,402 bales were cleared to the trade.

The US exchange rate continues to fluctuate, and the Euro exchange rate stays at its high level while uncertainty continues in Greece.

It was another solid market with strong finish, especially in the West. There was a welcome stronger Italian presence for a good selection in Newcastle. There was strong competition in both sale rooms and the return of some of the premiums for the better types of wool, particularly for the under 17 micron wools. The highest prices paid in Newcastle were 21,000¢ greasy for a 12.5 micron wool on Tuesday and 9,700¢ for a 13.4 micron lot on Wednesday.

Demand for skirtings types was very strong and particularly so in Newcastle where members of the trade advise that some very good prices were paid. Crossbreds opened on a softer note on Tuesday that continued in the South on Wednesday in the face of a large offering; and then finished on a strong upward trend in the South on Thursday that took average MPGs slightly above last week's closing levels. Oddments started the week well, but eased on Thursday. The average Merino Cardings MPG was up by 3¢ (+0.5%).

Buyers for China were again dominant, followed by buyers for Taiwan and India. The stronger presence from buyers for Italy in Newcastle was good to see and the generally better buying activity for Europe seen in recent weeks was maintained.

Sales will be held in Sydney, Melbourne and Fremantle next week, when 46,303 bales are currently rostered for sale. Present estimates for the following two sales (Weeks 37 and 38) are 42,300 and 45,600 bales, respectively; a decrease of 1.7% over the three sale period when compared with last year.

The Cape Wools Indicator was up by 5.6% in South Africa since the last sale two weeks ago against a 1.2% depreciation of the Rand against the US Dollar and a 0.5% appreciation against the Euro. 12,173 bales were on offer.

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Australian Wool Industries Secretariat

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