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AWIS wool market review - March 9, 2007

Mar '07
The Australian wool market finished 3.6% higher, on average, at sales in Sydney, Melbourne and Fremantle this week, when the trade saw the start of a series of smaller offerings and a weaker Australian dollar.

The AWEX EMI increased by 34¢ (+3.7%), ending the week at 943¢/kg clean. This reflected increases of 39¢ (+4.2%) in the North and 28¢ (+3.2%) in the South, with their corresponding Regional Indicators finishing the week at 977¢ and 914¢ clean respectively. The Western Indicator increased by 31¢ (+3.4%), finishing the week at 955¢/kg clean.

The lift in the market more than recovered the "losses" seen over the last four weeks of a gradual easing in prices. The closing EMI of 943¢ was the second highest of the season.

When compared with the start of the upward movement of the market in October, the EMI and the Northern, Southern, and Western Indicators are up by 202¢ (27.3%), 211¢ (27.5%), 194¢ (26.9%) and 238¢ (33.2%), respectively. 19 to 23 average AWEX Micron Price Guides are up by 248 to 280¢ over the period and by 200¢ for 24 micron wools. At the fine end, the changes are 106¢ for 17 micron wool, 140¢ for 17.5, 162¢ for 18 and 196¢ for 18.5 micron wool.

44,715 bales were on offer (compared with 69,214 last week), of which 7.2% were passed in, comprised of 5.2% in Sydney, 5.0% in Melbourne and 13.4% in Fremantle. Pass in rates for Merino fleece and skirtings were 6.8% and 6.9% respectively. 2,856 bales (6.0%) were withdrawn prior to sale and re-offered wools made up 8.1% of this week's offering.

The US exchange rate was 0.92¢ lower on Monday when compared with the Thursday of last week. It decreased by 0.30¢ on Tuesday, increased by 0.24¢ on Wednesday and by 0.11¢ on Thursday to close at 77.73¢, down 0.87¢ (-1.1%) since the last sale.

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