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Prices moves up for fine wools in the Launceston sale
21
Feb '11
The AWEX Regional Indicators finished 1.0% higher, on average, at sales in Sydney, Melbourne (including the Launceston sale by separation) and Fremantle this week when the US exchange rate fell by 0.4%.

46,622 bales were on offer, compared with 44,323 bales last week. 6.0% were passed in, comprised of 6.8% in Sydney, 4.6% in the Melbourne / Launceston sale and 8.8% in Fremantle. Pass-in rates for Merino fleece and skirtings were 5.6% and 7.2%, respectively.

43,808 bales were cleared to the trade.

The US exchange rate was relatively unchanged until the fall on Wednesday. Financial commentators attributed the drop to a fall in global commodity prices. However, it recovered most of that fall on Thursday.

Prices moved up for the fine wools in the Launceston sale in Melbourne on Tuesday in response to the presence of some very well grown and prepared clips. Trade reports indicate that prices for the better wools were up by 50¢ to 100¢. However, falls occurred for wools of 19.5 microns and greater. The market generally firmed on Wednesday, when the medium and broader Merino prices recovered the previous day's losses.

A further strengthening took place on Thursday, with rises across all Merino micron ranges and wool types. The closing EMI was only 1¢ below the season peak of 1255¢.

The closing EMI is up by 223¢ (21.3%) since the start of January and by 372¢ (42.2%) since the start of the season. The increase in the EMI since the start of the season is 63.2% in US currency. Cotton prices also continue to rise and are now up by over 100% on their July prices.

Price movements for Merino skirting types generally followed those of the fleece types, and finished strongly on Thursday. Crossbred prices eased on Tuesday, but rose across all micron ranges on Wednesday and Thursday to finish well up on the previous week. Oddments also rose during the week, with the average AWEX Merino Cardings Price Guide up by 1.1%.

Buyers for China were dominant, with continued strong demand from buyers for Europe, India and Taiwan again maintaining the momentum in the market. Buyers for Italy were very strong in the Launceston fine wool sale in Melbourne on Tuesday.

Sales will be held in Sydney, Melbourne and Fremantle next week, (Week 34) when 51,168 bales are currently rostered for sale. Present estimates for the following two sales (Weeks 34 and 35) are 41,150 and 43,300 bales, respectively; an increase of 6.5% over the three sale period when compared with last year.

The New Zealand Merino Company is rostered to offer 600 bales in Week 34. Sales are in recess in South Africa this week and will resume on 23 February.

Click here for report:

Australian Wool Industries Secretariat Inc

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