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Wool market unchanged; Crossbreds fares better
15
Mar '10
The Australian wool market was unchanged, on average, at sales in Sydney, Melbourne and Fremantle this week when the US exchange rate rose by 1.4%.

The closing EMI has averaged 922¢ since January compared with 838¢ in the first half of the season.

In a smaller sale, 35,200 bales were on offer, compared with 43,257 bales last week, of which 10.0% were passed in, comprised of 6.3% in Sydney, 7.2% in Melbourne and 17.2% in Fremantle. Pass-in rates for Merino fleece and skirtings were 13.3% and 4.8%, respectively.

940 bales (2.6%) from the expected offering of 36,140 bales were withdrawn prior to sale and re-offered bales made up 10.4% of the final offering. 31,689 bales were cleared to the trade.

The market was held down on Wednesday by a fall in prices that was more noticeable at the fine end. AWEX reported that there were significant discounts for low Staple Strength and high Mid Breaks values in the North on Wednesday. A stronger market on Thursday saw good gains from 19.5 to 22 microns in the South and the West. Other MPGs were either unchanged or slightly up. The market finished on a good note with the EMI and other Indicators well up in US and Euro currencies due to the appreciating exchange rates.

Skirtings were a bit mixed, but generally finished the sale in good demand. Crossbreds fared better this week in a smaller offering. Their average MPGs were up by around 1% on average. Oddments also had a better week after two weeks when demand was below that seen during the season. The average Merino Cardings MPG was up by 16¢ (+2.4%) for the week and 157¢ (+31.5%) for the season.

Buyers for China were again dominant, followed by buyers for Taiwan, Europe and India.

Sales will be held in Sydney, Melbourne and Fremantle next week, when 45,334 bales are currently rostered for sale. Present estimates for the following two sales (Weeks 39 and 40) are 40,720 and 45,500 bales, respectively; a decrease of 4.8% over the three sale period when compared with last year.

In South African sales, the Cape Wools Indicator was down by 2.6% since last week against a 2.2% appreciation of the Rand against the US Dollar and a 2.5% appreciation against the Euro. 9,464 bales were on offer.

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Australian Wool Industries Secretariat

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