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Australian Wool market report

Feb '07
In the largest sale of the season, the Australian Wool market finished 0.6% higher, on average, at sales in Sydney, Melbourne and Fremantle.

The AWEX EMI increased by 5¢ (+0.5%), ending the week at 931¢/kg clean. This reflected an increase of 13¢ (+1.4%) in the North and a decrease of 2¢ (-0.2%) in the South, with their corresponding Regional Indicators finishing the week at 966¢ and 901¢ clean respectively. The Western Indicator fell by 33¢ (-3.4%) from the last sale two weeks ago, finishing the week at 943¢/kg clean. This compares with an identical downward movement in both the North and the South over the same period.

Compared with the start of the upward movement in the market in October, the EMI and the Northern, Southern Indicators and Western Indicators are up by 190¢ (25.6%), 200¢ (26.1%), 181¢ (25.1%) and 226¢ (35.1%), respectively. 19 to 23 average AWEX Micron Price Guides are up by 223 to 254¢ over the period and by 171¢ for 24 micron wools. At the fine end, the changes are 136¢ for 17 micron wool, 162¢ for 17.5, 180¢ for 18 and 198¢ for 18.5 micron wool.

81,448 bales were on offer (compared with 45,663 last week when only Sydney and Melbourne sold), of which 8.5% were passed in, comprised of 5.1% in Sydney, 7.2% in Melbourne and 12.7% in Fremantle. Pass in rates for Merino fleece and skirtings were 9.3% and 5.3% respectively. 5020 bales (5.8%) were withdrawn prior to sale and re-offered wools made up 10.5% of this week's offering.

The US exchange rate was 0.99¢ lower on Monday when compared with the Wednesday of the last week. It decreased by 0.07¢ on Tuesday, by 0.12¢ on Wednesday and increased by 0.31¢ on Thursday to close at 77.51¢, down 0.87¢ (1.1%) since the last sale. The exchange rate against the Euro decreased by 0.67 Euro cents (-1.1%) to close at 59.47 Euro cents on Thursday night. When looked at in other currencies, the AWEX EMI decreased by 4¢ in US terms and by 3¢ in Euro terms when compared with the previous sale.

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