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Crossbred types again in good demand
17
May '10
The Australian wool market finished 0.3% lower, on average, at sales in Sydney, Melbourne and Fremantle this week when the US exchange rate fell by 0.5%.

39,966 bales were on offer, compared with 42,676 bales last week. 13.8% were passed in, comprised of 9.3% in Sydney, 10.3% in Melbourne and 25.9% in Fremantle. Pass-in rates for Merino fleece and skirtings were 16.0% and 10.9%, respectively.

1,002 bales (2.4%) from the expected offering of 40,968 bales were withdrawn prior to sale and re-offered bales made up 20.1% of the final offering. 34,441 bales were cleared to the trade.

The US exchange rate was more settled this week, whereas the Euro exchange rate continued its rise to new record levels due to the Greek financial crisis.

The market was again relatively unchanged in A$, but down in US currency. The trade reports that there was continued good competition in the sale rooms and that the premiums seen for the better wools in the North last week were evident among the fine wools in the South this week. The strongest gains occurred at both ends of the micron scale.

Demand for skirting types lifted after being more subdued in recent weeks, with rises in prices for all types other than the weaker lots in Melbourne on Thursday. Crossbred types were again in good demand, with increases in the average AWEX MPGs rising by 0.9% to 1.8%, apart from the 28 micron average MPG which fell by 0.2%. The average AWEX Merino Cardings Price Guide was down by a further 18¢ (-3.1%), but is still 15.4% above where it was at the beginning of the season.

Buyers for China were again dominant, although less aggressive than at their peak earlier in this year. They were followed by buyers for India, Taiwan and Korea.

Sales will be held in Sydney, Melbourne and Fremantle next week, when 37,963 bales are currently rostered for sale. Present estimates for the following two sales (Weeks 48 and 49) are 39,470 and 39,550 bales, respectively; an increase of 5.8% over the three sale period when compared with last year.

In South African sales, the Cape Wools Indicator was down by 1.0% since last sale against a 0.6% depreciation of the Rand against the US Dollar and a 3.3% appreciation against the Euro. 7,993 bales were on offer.

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Australian Wool Industries Secretariat

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