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Aussie wool market up - AWIS

31
Jan '12
Australian Wool Industries Secretariat Inc (AWIS) releases wool sale report for the week ending 27 January 2012. The AWEX Regional Indicators finished 0.5% higher, on average, at sales in Sydney, Melbourne and Fremantle this week when the US exchange rate rose by a further 1.1%.

Sales were held on Tuesday and Wednesday to fit in with the Public Holiday for Australia Day on Thursday.

The market got away to a firm start on Tuesday, with the EMI up by 2¢ in Australian currency and by 13¢ in US. This followed reports of some keen buying activity on the previous Friday. The best gains were made from 22 to 24 microns in Melbourne. Wednesday's sale continued on a firm overall note with further good gains for the medium / broader Merino wools.

Looking at comparisons with last year, the EMI at 1194¢ is 1¢ less than in the same week last year; and the season average of 1229¢ is 267¢ higher than the season average at the end of Week 30 last year.

The Cape Wools Indicator in South Africa was down by 0.2%.

44,751 bales were on offer, compared with 58,409 bales last week. 10.3% were passed in, comprised of 7.6% in Sydney, 10.6% in Melbourne and 13.6% in Fremantle. Pass-in rates for Merino fleece and skirtings were 7.1% and 8.7%, respectively.

40,142 bales were cleared to the trade.

The year-to-date offering is 34,456 bales less (-3.1%) than at the end of the same week last year. Current estimates for the next three sales suggest that the year-on-year difference will be relatively unchanged in the short term.

The US exchange rate (Reserve Bank) continued its upward movement this week, starting with a sharp rise on Monday. Financial analysts attributed this to news from Europe that Greece appeared close to reaching a deal with its creditors over bond repayments.

The Australian Financial Review reported this morning that exchange rate rose above 106¢ on Thursday night, based on expectations of continuing low interest rates in the United States. It closed at 106.15 on Friday evening.

It fell to below 99¢ in the week of the last sale prior to the Christmas break.

There were gains across all Merino micron ranges and types this week, with the greatest gains occurring from 22 to 24 microns. The average AWEX 16.5 micron MPG lifted sharply due to a 45¢ lift in Sydney on Wednesday.

The continued appreciation of the US exchange rate means that the EMI is up by 78¢ since the sale prior to Christmas, whereas the increase in Australian currency is a modest 5¢ over the same period.

It was a another good week for skirtings type, with a good lift in prices on Tuesday, and most types either firm or up a bit further on Wednesday.

Crossbreds were in relatively large supply this week, leading to a slight easing in prices on both days. The one exception was at the fine end in the South on Wednesday when the local 26 micron MPG was up by 19¢.

Crutchings were in good demand among the oddments, while other types had a more mixed week. The average AWEX Merino Cardings Indicator was down by 4¢ (-0.6%).


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