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Wool market drops, AWEX MPGs up
30
Aug '10
The Australian wool market finished 0.5% lower, on average, at sales in Sydney, Melbourne and Fremantle this week when the US exchange rate fell by 1.1%.

38,080 bales were on offer, compared with 35,423 bales last week. 13.9% were passed in, comprised of 7.2% in Sydney, 11.8% in Melbourne and 26.6% in Fremantle. Pass-in rates for Merino fleece and skirtings were 16.3% and 8.0%, respectively.

865 bales (2.2%) from the expected offering of 38,945 bales were withdrawn prior to sale and re-offered bales made up 11.6% of the final offering. 32,786 bales were cleared to the trade.

The New Zealand Merino Company also offered 724 bales in Melbourne on Wednesday of which 17.7% were passed in.

The US exchange rate fell again this week in response to further global uncertainty. This possibly contributed to another easing in demand.

It was virtually two markets when sales opened on Wednesday, with the finer wools again faring better than the broader ones. Demand for 17.5 microns and finer was very strong, with gains of up to 30¢ in their average AWEX Micron Price Guides (MPGs). However, the gains dropped away to falls for the broader than 19.5 micron wools. The Superfine wools also did better than the broader Merino wools on Thursday.

The greater fall in the Western Indicator was due to smaller quantity of fine wools when compared with the Eastern centres.

Demand for skirting types was very keen on both days, particularly for those with low vegetable matter fault and good length. Crossbred types tended upwards on Wednesday, but eased slightly on Thursday. Their average AWEX MPGs were up by 1% at 26 microns, unchanged at 28 and 32 microns and down by 0.5% at 30 microns. Oddments were a bit mixed and moved down in the South on Thursday. The average AWEX Merino Cardings Price Guide was down by 7¢ (-1.2%).

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

Sales will be held in Newcastle (their first sale of the season), Melbourne and Fremantle next week, when 36,276 bales are currently rostered for sale. Present estimates for the following two sales (Weeks 10 and 11) are 41,810 and 37,600 bales, respectively; a decrease of 6.2% over the three sale period when compared with last year. The New Zealand Merino Company is rostered to offer 1,500 bales in Week 10.

Sales are in recess in South Africa until next week.

Click here to view the chart

Australian Wool Industries Secretariat

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