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AWEX EMI up by 4.1%
28
Mar '11
The AWEX Regional Indicators finished 1.0% higher, on average, at sales in Sydney, Melbourne and Fremantle this week when the US exchange rate rose by 3.4%. The AWEX EMI was up by 4.1% in US currency.

The season average of 1048¢ for the AWEX EMI is now 183¢ (21.2%) above the average to the same time last year.

47,342 bales were on offer, compared with 44,283 bales last week. 6.3% were passed in, comprised of 6.6% in Sydney, 6.3% in Melbourne and 6.1% in Fremantle. Pass-in rates for Merino fleece and skirtings were 5.2% and 11.2%, respectively. 44,349 bales were cleared to the trade.

In a rapidly changing environment, the US exchange rate rose by 3.4% this week following last week's fall of 2.5% after the Japanese earthquake and tsunami and ongoing unrest in the Middle East. The closing rate of 101.29¢ was only 0.24¢ below the highest value for the season.

It was another strong, but mixed week, with around half of Wednesday's good gains being "lost" on Thursday. Buying activity on Thursday was described as strong, but "more cautious". The recent pattern of the greatest gains being made among the medium and broader wool continued this week, particularly from 22 to 24 microns. This was most noticeable on Wednesday, when the AWEX MPGs for 22, 23 and 24 micron wool rose by 50¢, 72¢ and 58¢, respectively in Melbourne. The week-to-week falls in the 18.0 to 18.5 micron range were mostly due to falls in the South on Thursday.

The closing EMI is up by 348¢ (33.8%) since the start of January and by 488¢ (56.3%) since the start of the season. The EMI in US currency (1397¢) is up by 73.5% since the start of the season.

Demand for skirtings was good for the better types, with buyers continuing to show little interest in the coloured / cotted / seedy types and jowls in the East. As reported last week, these faults are a consequence of the sustained amounts of rain received in the East over the last six to nine months. However, seller reserve prices appear to be high as there were unusually high pass-in rates among the skirting types for the second week in a row. There was good demand for 25, 26 and 28 micron wool, with little change in prices among the coarse crossbred types. They are already at very high price levels. Oddments were a bit mixed again.

Buyers for China were dominant, with strong demand from buyers for India and Europe.

Sales will be held in Sydney, Melbourne and Fremantle next week, when 48,362 bales are currently rostered for sale. Present estimates for the following two sales (Weeks 40 and 41) are 43,430 and 39,970 bales, respectively; an increase of 3.0% over the three sale period when compared with last year.

In South African sales, the Cape Wools Indicator was up by 1.8% since last week against a 3.0% appreciation of the Rand against the US Dollar and a 1.4% appreciation against the Euro. 6,500 bales were on offer.

The Cape Wools Indicator is up by 48.2% in South African currency since the start of the season and by 56.0% in US currency.

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Australian Wool Industries Secretariat

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