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Re-offered wools made up

Jan '07
In a spectacular start to the second half of the season, the Australian Wool market finished 9.9% higher, on average, at sales in Sydney, Melbourne and Fremantle.

The AWEX EMI increased by 76¢ (+9.1%), ending the week at 915¢/kg clean. This reflected increases of 91¢ (+10.6%) in the North and 65¢ (+7.9%) in the South, with their corresponding Regional Indicators finishing the week at 949¢ and 888¢ clean respectively. The Western Indicator increased by 95¢ (+11.3%), finishing the week at 936¢/kg clean. The week-on-week increase in the EMI of 76¢ was greater than that seen in September 2002 (62¢), but less than the 80¢ recorded in the first January sale of 2002.

The Market Indicators are well above their levels of 13 weeks ago, with the EMI and the Northern, Southern and Western Indicators being up by 174¢, 183¢, 168¢ and 219¢, respectively. 19 to 23 average AWEX Micron Price Guides are now up by 215 to 255¢ over the period and by 176¢ for 24 micron wools. At the fine end, the changes are 90¢ for 17 micron wool, 94¢ for 18 micron wool and 138¢ for 18.5 micron wool.

47,145 bales were on offer (compared with 62,948 last week), of which 4.3% were passed in, comprised of 2.8% in Sydney, 4.3% in Melbourne and 5.4% in Fremantle. Pass in rates for Merino fleece and skirtings were 1.8% and 6.2% respectively. 2,330 bales (4.7%) were withdrawn prior to sale and re-offered wools made up 9.0% of this week's offering.

The US exchange rate was 0.64¢ lower on Monday when compared with the Thursday of the last sale before Christmas. It increased by 0.31¢ on Tuesday, fell by 0.32¢ on Wednesday and increased by 0.27¢ on Thursday to close at 78.25¢, down 0.38¢ (0.5%) since the last sale. The exchange rate against the Euro increased by 0.90 Euro cents (+1.5%) to close at 60.40 Euro cents on Thursday night. When looked at in other currencies, the AWEX EMI increased by 56¢ in US terms and by 54¢ in Euro terms when compared with the previous sale.

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