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Wool market drops, good week for Oddments
19
Jul '10
The Australian wool market finished 1.2% lower, on average, at the last sales before the mid-year break in Sydney, Melbourne and Fremantle this week when the US exchange rate rose by 1%.

39,700 bales were on offer, compared with 51,094 bales last week. 15.4% were passed in, comprised of 15.4% in Sydney, 13.2% in Melbourne and 24.9% in Fremantle. Pass-in rates for Merino fleece and skirtings were 19.2% and 9.3%, respectively.

1,095 bales (2.7%) from the expected offering of 40,795 bales were withdrawn prior to sale and re-offered bales made up 9.1% of the final offering. 33,579 bales were cleared to the trade.

Exchange rates have moved up since last week, putting pressure on prices in Australian currency, but did not experience the wild fluctuations of the previous two weeks.

The market was a bit softer this week, with the EMI down in all currencies, although the there was a 4¢ lift in US currency on Wednesday. There were falls across all micron rages and most types. Merino wools did best among the medium and broader types, in the reverse pattern of last week.

Prices for skirting types varied, with some types holding or slightly up, while others eased. Crossbred average AWEX MPGs were down by 0.6% at the fine end and by around 1.8% for the medium and coarse types. Oddments, however, generally had a good week, with the average AWEX Merino Cardings Price Guide up by 5¢ (+0.8%).

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

Sales will be in recess next week and resume in the week commencing 9 August. Estimated offerings are not yet available.

Sales are in recess in South Africa until 18 August.

Click here for more details

Australian Wool Industries Secretariat

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