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Wool market finishes 0.1% lower
21
Jun '10
The Australian wool market finished 0.1% lower, on average, at sales in Sydney, Melbourne and Fremantle this week when the US exchange rate rose by 2.6%.

The larger shift in the Western Indicator, below, is due there being no sale in the West last week. The increase in the Western Indicator (+10¢) is in line with the two week changes in the Northern (+11¢) and Southern (+9¢) Indicators.

31,743 bales were on offer, compared with 26,680 bales last week (when only Sydney and Melbourne sold). 13.1% were passed in, comprised of 8.8% in Sydney, 11.5% in Melbourne and 18.4% in Fremantle. Pass-in rates for Merino fleece and skirtings were 15.3% and 8.3%, respectively.

1,051 bales (3.2%) from the expected offering of 32,794 bales were withdrawn prior to sale and re-offered bales made up 15.2% of the final offering. 27,598 bales were cleared to the trade.

The rise in the US exchange rate brings it up to its highest level since it fell from 90¢ to 83¢ in the last week of May.

Although the EMI was down in Australian currency, this needs to be kept in perspective, given the upward movement in the US exchange rate. The EMI in US currency is up by 15¢ for the week. The EMI in US currency is now within 12¢ of where it was immediately prior to fall of 62¢ when the exchange rate fell sharply at the end of May due the loss of confidence in the European financial situation. The fall in Australian currency was greatest at the fine end of the market, where there was a limited offering this week.

Skirting types were reported as firm in the North but, easier in the South. Fine crossbred average AWEX MPGs were up marginally (+0.2%), while other crossbred types eased slightly with their average AWEX MPGs down by around 1%. It was two days of different markets for oddments, with the average AWEX Merino Cardings Price Guide up by 5¢ on Wednesday and down by 17¢ on Wednesday (down by 30¢ in the South), to be down by 4.2% for the week after four weeks of solid rises.

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

Sales will be held in Sydney and Melbourne next week, when 26,235 bales are currently rostered for sale. Present estimates for the following two sales (Weeks 53 and 01 Season 2010/11) are 31,340 and 38,800 bales. This is one of the rare seasons which has 53 selling weeks, the last being in 2003/04.

Sales are in recess in South Africa until 18 August.

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Australian Wool Industries Secretariat

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