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AWEX wool indicator closes 1.6% lower last week

11
Jun '12
Australian Wool Industries Secretariat Inc (AWIS) releases wool sale report for the week ending June 8. The Australian Wool Exchange (AWEX) Regional Indicators finished 1.6% lower, on average, at sales in Sydney and Melbourne this week when the US exchange rate rose by 2.4%.  The Eastern Market Indicator (EMI) moved up by 0.8% in US currency. There was no sale in the West.

There was some uncertainty about how this week's market would open, given the turmoil in global economic markets and in global confidence since last Thursday.  It did appear that financial markets were becoming more settled by mid-week.
 
The market opened in a similar manner to last week, with good competition for the Free, or Nearly Free, types and easing for wools with higher levels of Vegetable Matter.  Falls were greatest at the fine end again this week, but by lesser amounts than last week.  Falls in individual Micron Price Guides (MPGs) were confined to a few cents from 18.0 microns up in Sydney and from 19.5 microns up in Melbourne. The rise in the exchange rate meant that the Eastern Market Indicator (EMI) in US currency was up by 5¢ on Wednesday.
 
A 1.4% rise in the US exchange rate put some addition pressure on prices in Australian currency on Thursday.  Fine wools did better on a percentage change basis on Thursday apart from a further 28¢ fall in the 17.0  Micron Price Guides (MPGs) in Melbourne. Crossbred prices were down by generally small amounts.
 
The market has been much steadier over the last two weeks than it was over the preceding four weeks.  Pass-in rates were similar to those in Sydney and Melbourne last week.
 
The average Eastern Market Indicator (EMI) and WMI remain above last year's values as the end of the season is approaching.  The average Eastern Market Indicator (EMI) is still 85¢ above the same period last year.
 
In other countries, the Cape Wools Indicator was down by 1.7% (-1.9% in US) since their last sale two weeks ago.   The Wool Services International fine crossbred (33 - 35 microns) and coarse crossbred (36 - 39 microns) Indicators were down by 2.5% and 5%, respectively in New Zealand.
 
Among other fibres, July futures for cotton were up by 6.3% for the week on Friday, to recover most of last week's 6.8% fall.
 
27,601 bales were on offer, compared with 39,341 bales last week (when all three regions sold).  12.0% were passed in, comprised of 10.7% in Sydney and 12.9% in Melbourne.  Pass-in rates for Merino fleece and skirtings were 13.0% and 13.8%, respectively.  24,295 bales were cleared to the trade.
 
The year-to-date offering is 44,145 bales less (-2.3%) than at the end of the same week last year.  If the forecast offerings over the next three sales are achieved, the full season year-on-year change will be around -1.6%.


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