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Wool market finishes 1.1% higher
06
Sep '10
The Australian wool market finished 1.1% higher, on average, at sales in Newcastle, Melbourne and Fremantle this week when the US exchange rate rose by 2.1%.

35,484 bales were on offer, compared with 38,080 bales last week. 8.3% were passed in, comprised of 3.6% in Newcastle, 8.8% in Melbourne and 14.7% in Fremantle. Pass-in rates for Merino fleece and skirtings were 8.2% and 7.4%, respectively.

885 bales (2.4%) from the expected offering of 36,369 bales were withdrawn prior to sale and re-offered bales made up 9.9% of the final offering. 32,539 bales were cleared to the trade.

The US exchange rate has risen in response to better economic data from the United States this week.

This week's market opened on a strong note on Wednesday, with good overall competition and a very strong showing from buyers for the fine wools in Newcastle. Spinners types attracted premiums of up to 200¢. AWEX MPGs rose by 135¢ for 16.5 micron wool and by 94¢ for 17 micron wool. The top bid was an unsuccessful one of 8,000¢ for a lot of 12.8 micron wool. Prices for Spinners types eased a little on Thursday, but the Topmakers types remained at similar levels to Wednesday. Prices for fine types also rose in the South this week, but by smaller amounts.

The rise the US exchange rate saw the EMI rise by 27¢ in US currency.

Demand for skirting types was very keen on both days, particularly for the best fine wools in Newcastle, where AWEX reported prices of up to 50¢ on Wednesday and a further 20¢ on Thursday. Crossbreds were mostly unchanged in the North, but eased slightly in the South on Thursday. Oddments were a bit mixed again with locks in good demand. The Average AWEX Merino Price Guide was up by 5¢ (+0.8%).

Buyers for China were again dominant followed by buyers for Europe and India. Buyers for Italy had a strong presence in Newcastle, as might be expected. There was also strong competition from China for the Superfine wools in Newcastle.

Sales will be held in Sydney, Melbourne and Fremantle next week, when 41,210 bales are currently rostered for sale. Present estimates for the following two sales (Weeks 11 and 12) are 39,430 and 46,100 bales, respectively; an increase of 0.2% over the three sale period when compared with last year. The New Zealand Merino Company is rostered to offer 1,300 bales in Melbourne next week and 3,500 bales in Week 12.

In South African sales, the Cape Wools Indicator was up by 0.9% since last sale two weeks ago against a 1.4% depreciation of the Rand against the US Dollar and a 0.5% depreciation against the Euro. 6,613 bales were on offer.

Click here to view the chart

Australian Wool Industries Secretariat

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