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AWEX regional indicator closes 0.9% higher last week

02
Jul '12
Australian Wool Industries Secretariat Inc (AWIS) releases wool sale report for the week ending June 29. The Australian Wool Exchange (AWEX) Regional Indicators finished 0.9% higher, on average at the last sales of the season in Sydney, Melbourne and Fremantle this week when the US exchange rate fell by 0.5%.  The change in the Eastern Market Indicator (EMI) in US currency was +0.2%.

The market followed on from last week’s better performance, when the Eastern Market Indicator (EMI) finished the week with rises in both Australian and US currency.  It opened on a firm note across all micron ranges and wool types on Wednesday.  The greatest gains were in the South, particularly at 17.0 and 17.5 microns and for the fine and medium crossbred wools.  The gains were retained on Thursday.

The lift of 14¢ in the Western Market Indicator was associated with the there being no sale in Fremantle last week.  It has not moved as much as the Eastern Market Indicator (EMI) over the two week period, but this is because of the absence of fine wools in the WMI.  Fine wools played a major part in the rise in the Eastern Market Indicator (EMI) last week.

The financial year has closed with the spot indicators well down on the same time last year, but with the season averages above the previous year due to the better start to the current season.

This week’s Eastern Market Indicator (EMI) of 1076¢ was 333¢ less than the same week last year, but the season average of 1198¢ is 55¢ greater than for last season.  In the case of the WMI, this week’s value of 1096¢ is 282¢ below the same week last year; and the season average of 1206¢ is 103¢ above the average for 2010/12.  The greater year-to-year difference in the average WMI is due to the relative absence of fine wools in the West.  Fine wool Indicators have eased by more than those for the medium and broader wool Indicators over the last 12 months.

In other countries, the Wool Services International crossbred indicators in New Zealand were down by 3 to 4% at the fine end, firm in the middle and down by 3 to 6% at the coarse end.

Among other fibres, December Futures for cotton fell mid-week, but rose to 71.33 US¢ by Friday, up by 3.2% for the week.

34,068 bales were on offer, compared with 21,569 bales last week (when only Sydney and Melbourne sold).  6.4% were passed in, comprised of 4.3% in Sydney, 4.4% in Melbourne and 16.2% in Fremantle.  Pass-in rates for Merino fleece and skirtings were 6.7% and 6.7%, respectively.  31,894 bales were cleared to the trade.

The year-to-date offering is 35,972 bales less (-1.8%) than at the end of July last year. The number of bales offered for the first time was 6.9% less than at the end of July last year.  The size of this difference is mostly due to last year’s offering including a large number of bales shorn in previous seasons that came onto the market for the first time in response to the excellent wool prices at that time.


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