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AWEX wool indicator closes 4% lower last week

20
Aug '12
Australian Wool Industries Secretariat Inc (AWIS) releases wool sale report for the week ending August 17. The Australian Wool Exchange (AWEX) Regional Indicators finished 4.0% lower, on average, at sales in Sydney, Melbourne and Fremantle this week when the US exchange rate fell by 1%.

The market opened on a disappointing note on Wednesday.  Last week’s market had flattened out a bit after the first day’s fall.  But, this was not maintained this week, when the Eastern Market Indicator (EMI) fell by a further 34¢ on Wednesday despite an easing of 1.17¢ in the US Exchange Rate.  The fall on Thursday was less than on the previous day, as was the case in last week’s sale. The Eastern Market Indicator (EMI) fell by 59¢ in US currency for the week, to 995¢.

The WMI fell by a smaller amount, with a number of the individual Micron Price Guides (MPGs) that make up the WMI falling by lesser amounts since the last sale in Fremantle on the previous Wednesday than occurred in the East.

All wool types and micron ranges were affected this week, although there reports of improved demand for some non-fleece types on Thursday.  Most average Merino AWEX Micron Price Guides were down by 3.5% to 4.5%, taking the falls since the start of the season to 6.5% to 8% for 17 to 18 microns and from 11 to 12% from 19.5 to 23 microns.

The Eastern Market Indicator (EMI) is 314¢ below the same week last year, while the WMI is 285¢ below its equivalent value.

General comments from the trade indicate that China is very quiet and that wool is difficult to sell at the moment.

Not surprisingly, growers responded to the market falls with a lift in the pass-in rate to above 20%.

In other countries, sales resumed in South Africa, where the Cape Wools Indicator was down by 7.2% since the last sale in early June.  In New Zealand, the Wool Services International crossbred Indicators finished strongly to be up by 3% to 4%, continuing their better start to the season.

Among other fibres, December Futures for cotton were down by 0.4% during the week, closing at 73.30 US¢ on Friday.

40,404 bales were on offer, compared with 50,603 bales last week.  23.1% were passed in, comprised of 19.6% in Sydney, 24.1% in Melbourne and 29.5% in Fremantle.  Pass-in rates for Merino fleece and skirtings were 26.3% and 18.9%, respectively. 31,068 bales were cleared to the trade.

The year-to-date offering is 32,394 bales less (-15.9%) than at the end of the same week last year.  Forecast offerings for the next three sales indicate that this year’s offerings will start to move closer to last year’s volumes over this three week period.

The US Exchange Rate eased during the week, although it is still being maintained at its present “higher” levels by the inflow of sovereign funds from other countries.  Most analysts appear to of the view that the higher exchange rates will be maintained at least for the short to medium term.


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