Home / Knowledge / News / Textiles / Wool prices remain strong
Wool prices remain strong
04
Oct '10
The Australian wool market finished 0.9% higher, on average, at sales in Newcastle (second sale of the season), Melbourne and Fremantle this week when the US exchange rate rose by another 1%.

40,861 bales were on offer, compared with 40,660 bales last week. 5.7% were passed in, comprised of 4.9% in Newcastle, 4.5% in Melbourne and 11.0% in Fremantle. Pass-in rates for Merino fleece and skirtings were 6.6% and 3.9%, respectively. This was the lowest overall pass-in rate for the season.

1,358 bales (3.2%) from the expected offering of 42,219 bales were withdrawn prior to sale and re-offered bales made up 8.2% of the final offering. 38,518 bales were cleared to the trade.

The US exchange rate has continued its sharp rise, breaking through 97¢ on Wednesday night before coming back to around 96.7¢ on Thursday. The closing US exchange rate rose by 7.75¢ in September. It appears to still be driven by lack of investor confidence in the United States, growth in China, together with strikes in Europe and an expectation that the Reserve Bank may lift the official cash rate on Tuesday.

It was a very strong market with very keen competition in the sale rooms and the EMI up in all currencies, despite the increase in the US exchange rate. The EMI rose by 71¢ (+9.2%) in US currency in September. The Newcastle market was led by some of the traditional buyers for Italy, with some keen competition from China.

The medium and broader Merino market was also very strong and recovered some of the lead that the fine wools have had over them this season. Globally, markets were also strong in South Africa and New Zealand.

Demand for Skirting types continued on from last week, particularly for the better types. Fine crossbreds did very well, while the average AWEX MPGs were down slightly for medium and broader types. Oddments had another good week after mixed season to date. The lift of 12¢ (2.1%) in the average AWEX Merino Cardings Price Guide was the largest week-on-week increase this season.

Buyers for China were again dominant followed by buyers for Europe (particularly in Newcastle) and India.

Sales will be held in Sydney, Melbourne and Fremantle next week, when 46,367 bales are currently rostered for sale. Present estimates for the following two sales (Weeks 15 and 16) are 42,820 and 43,730 bales, respectively; a decrease of 2.7% over the three sale period when compared with last year. The New Zealand Merino Company is rostered to offer 3,350 bales in Melbourne next week and 2,500 bales in Week 16.

In South African sales, the Cape Wools Indicator was up by 3.6% since last week in a very strong market. The Rand appreciated by 1.1% against the US Dollar and depreciated by 0.8% against the Euro. 6,759 bales were on offer.

Click here for more details

Australian Wool Industries Secretariat

Must ReadView All

Courtesy: Reliance Industries

Textiles | On 24th Apr 2017

Reliance’s FY17 revenue from petrochemicals up 12.2%

Increase in prices across polymers and polyester chain has...

Textiles | On 24th Apr 2017

India, Kazakhstan to increase cooperation in textiles

Indian and Kazakhstan are deliberating upon increasing cooperation in ...

Textiles | On 24th Apr 2017

GST reflects 'One nation, One aspiration' spirit: Modi

Prime Minister Narendra Modi has said that the Goods and Services Tax ...

Interviews View All

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search