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Prices for all wool types up once again
18
Oct '10
The Australian wool market finished 1.7% higher, on average, at sales in Sydney, Melbourne (including 1,091 bales from Launceston on Wednesday) and Fremantle this week when the US exchange rate rose by 1.2% and almost reached parity on Thursday.

40,174 bales were on offer, compared with 40,827 bales last week. 3.8% were passed in, comprised of 3.5% in Sydney, 3.0% in Melbourne and 5.8% in Fremantle. Pass-in rates for Merino fleece and skirtings were 3.4% and 2.3%, respectively.

639 bales (1.6%) from the expected offering of 40,813 bales were withdrawn prior to sale and re-offered bales made up 6.1% of the final offering. 38,655 bales were cleared to the trade.

The US exchange rate continued its rise towards parity on the back of good employment data in Australia last week. It reached 99.9¢ during Thursday before closing at 99.50¢.

The very strong market of recent weeks continued with keen demand, and prices once more up for all wool types, across all micron ranges and in all currencies. The EMI in US currency rose by a further 13¢ on Wednesday and 11¢ on Thursday taking it to 902¢, only 12¢ below the peak in US over the last ten years in January 2008. The EMI in US currency has risen by 127¢ since Week 1, with most of that change occurring since the end of August. The corresponding change in A$ is 19¢, as the US exchange rate has risen from 87.25¢ over the same period.

The greatest gains in AWEX MPGs were from 18 to 24 microns this week.

Demand for skirting types was very strong, with gains of around 20¢ greasy on Wednesday and a further lift on Thursday. Demand for crossbreds also held up and was particularly strong at the fine end. Oddments had a good week across all types, with the average AWEX Merino Cardings Price Guide up by 2.2%, but is still below the value at the start of the season.

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

Sales will be held in Sydney, Melbourne and Fremantle next week, when 47,496 bales are currently rostered for sale. Present estimates for the following two sales (Weeks 17 and 18) are 46,650 and 42,735 bales, respectively; a decrease of 0.5% over the three sale period when compared with last year.

The New Zealand Merino Company is rostered to offer 3,200 bales in Melbourne next week and 1,500 bales in Week 17.

In South African sales, the Cape Wools Indicator was up by 6.0% since last week against a 0.7% appreciation of the Rand against the US Dollar and a 0.2% depreciation against the Euro. 6,543 bales were on offer.

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Australian Wool Industries Secretariat

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