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AWEX wool indicator finishes 1.9% lower last week

10
Apr '12
Australian Wool Industries Secretariat Inc (AWIS) releases wool sale report for the week ending April 6. The Australian Wool Exchange (AWEX) Regional Indicators finished 1.9% lower, on average, at sales in Sydney, Melbourne and Fremantle this week when the US exchange rate fell by a further 0.8%.

The market started in a softer manner again this week, when the offering was up by 16.0% on the previous week. Falls were recorded across all Merino types and most Merino micron ranges on Tuesday.

There were considerable differences between the selling centres, with the South faring better than the North and the West. Crossbreds had better start, as was the case last week, with most of their AWEX Micron Price Guide (MPGs) moving up by small amounts.

There was a further easing across all Merino micron ranges, and across crossbred micron ranges, on Wednesday. But, this time the North and the West did better than the South, which brought the week-to-week changes for all centres closer together on Wednesday

The Eastern Market Indicator (EMI) at 1191¢ is 184¢ less than in the same week last year; and the season average of 1224¢ is 159¢ higher than the season average at the end of Week 40 last year.
The Western Market Indicator is 99¢ less than in the same week last year; and the season average is 178¢ above the season average at the same time last year.

Growers reacted with a lift in the pass-in rate, particularly in the West on Wednesday where 12.1% of the bales were withdrawn prior to sale and 32.0% of the bales offered were passed-in.

In other countries, the Cape Wools Indicator was down by 2.6% from the previous week. The Rand to the US exchange rate was down by 0.7%. In New Zealand, Wool Services International reported that most crossbred types eased by 1.5 to 3%.

Among other fibres, May futures for cotton in the United States again fell sharply to be down on Thursday by 5.3% since last Friday, and closing at 88.54 US¢ per pound.

49,205 bales were on offer, compared with 42,413 bales last week. 16.1% were passed in, comprised of 13.5% in Sydney, 14.8% in Melbourne and 22.8% in Fremantle. Pass-in rates for Merino fleece and skirtings were 16.9% and 22.6%, respectively. 41,302 bales were cleared to the trade.

The year-to-date offering is 50,336 bales less (-3.2%) than at the end of the same week last year (see table on the next page). Little change is expected over the next two sales. The next sale, following the one week Easter break, is currently scheduled for 56,780 bales, only 2,000 bales less than the season's high. 29,393 of those bales are to be sold in the South in the second highest offering for the season in that centre.

The US exchange rate started the week in a slight upward direction, which financial analysts attributed to the encouraging (but mixed) manufacturing data from China. The decision of the Reserve Bank to told the Cash Rate steady at 4.25% on Tuesday, and to hint that a fall is imminent, led to a lowering of the US exchange rate on Wednesday.


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