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AWEX wool indicator finishes 0.8% lower last week

27 Aug '12
4 min read

The US Exchange Rate fluctuated during the week before finishing strongly to close the week 0.33¢ (-0.3%) down since the previous Thursday.  Financial analysts attributed the rise on Tuesday to a strong demand for Australian currency following the release of the Minutes from the Reserve Bank’s August Meeting.  Thursday’s gains were attributed to suggestions from the United States Federal Reserve that they may ease monetary policy to stimulate their economy.  Most analysts are predicting that the US Exchange Rate will rise further if this occurs.

Skirting prices were mixed over the first two days of selling, but firmed on Thursday.  This was more so in the South where some price rises were reported.

Crossbreds had a good week.  They started on a firm note and finished with good rises on Thursday when their average AWEX Micron Price Guide (MPGs) including rises of 2% to 3%.
 
Oddments also had a better week, with a strong fish on Thursday.  The average AWEX Merino Cardings Price Guide was up by 3.9% for the week. Buyers for China were dominant this week, followed by strong support from buyers for India and Korea.
 
Sales will be held in Newcastle, Melbourne and Fremantle next week, when 41,528 bales are currently rostered for sale.  Present estimates for the following two sales (Weeks 10 and 11) are 45,450 and 40,050 bales, respectively; an increase of 3.7% over the three sale period when compared with last year.
 
The New Zealand Merino Company is rostered to offer 650 bales in Week 10. Sales are in recess in South Africa until next week.

Australian Wool Industries Secretariat Inc (AWIS)

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