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AWEX wool indicator finishes 0.7% lower last week

10
Sep '12
Australian Wool Industries Secretariat Inc (AWIS) releases wool sale report for the week ending September 7. The Australian Wool Exchange (AWEX) Regional Indicators finished 0.7% lower, on average, at sales in Sydney, Melbourne and Fremantle this week when the US exchange rate fell by 1.3%. Sales were held on Tuesday and Wednesday this week, to fit in with Australia’s annual Wool Week.

The market opened on a mixed on Tuesday, with falls in most Merino Micron Price Guide (MPGs), of which the smallest were from 20 to 24 microns.  The falls were greater in the Merino fleece types than in the non-fleece types and the crossbred wools.  Prices for Merino fleece types eased again on Wednesday, with the greatest downward movements this time being at the medium and broader end of the Merino wools.  Non-fleece Merino generally did quite well again, while crossbred types rose in the North and eased in the South.

The closing Eastern Market Indicator (EMI) was 367¢ (-28.4%) less than in the same week last year; while the WMI was 363¢ (-28.2%) less than in the same week last year.  They were down by 143¢ (-13.4%) and by 152¢ (-14.1%), respectively since the start of the season. The falls were cushioned by a fall in the US exchange rate.

In other countries, the South African Cape Wools Indicator was down by 2.4% since last week.  In New Zealand, the Wool Services International crossbred Indicators were down by 2.5 to 5%.

Among other fibres, December Futures for cotton fell by 1.2% during the week, following the previous week’s rise of 2.7%.  The closing quote was 76.30 US¢ on Friday.

36,758 bales were on offer, compared with 38,508 bales last week.  10.4% were passed in, comprised of 8.3% in Sydney, 11.9% in Melbourne and 10.5% in Fremantle.  Pass-in rates for Merino fleece and skirtings were 12.4% and 6.6%, respectively. 32,942 bales were cleared to the trade.

The year-to-date offering is 37,531 bales less (-11.8%) than at the end of the same week last year.  That figure is expected to remain unchanged over the next three sales. Exchange rates with the United States, and other countries, continued to ease during the week. 

This was mostly due to further indications of more moderate growth in China, continuing concern about the economic situation in Europe and lower commodity prices. The US and Euro exchanges rates on Wednesday were down by 3.7% and by 4.4%, respectively since their season peaks were reached four weeks ago.

Skirtings started well in the North and the South on Tuesday, but were generally easier in the West.  This pattern continued on Wednesday when only the North and the South sold.  The deand for skirtings was reflected in the low pass-in rate of 6.6% Crossbreds again did better than Merino types, particularly in the North. Oddments also had a generally good week.


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