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AWIS wool market review - March 16, 2007

Mar '07
The Australian wool market finished 1.8% higher, on average, at sales in Sydney, Melbourne and Fremantle this week, despite a strengthening US and exchange rates.

The AWEX EMI increased by 19¢ (+2.0%), ending the week at 962¢/kg clean. This reflected increases of 20¢ (+2.0%) in the North and 18¢ (+2.0%) in the South, with their corresponding Regional Indicators finishing the week at 997¢ and 932¢ clean respectively. The Western Indicator increased by 14¢ (+1.5%), finishing the week at 969¢/kg clean. The week ending EMI of 962¢ equalled the previous highest closing value of the season in mid-January.

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 221¢ (29.8%), 231¢ (30.2%), 212¢ (29.4%) and 252¢ (35.1%), respectively. 19 to 23 average AWEX Micron Price Guides are up by 261¢ to 296¢ over the period and by 196¢ for 24 micron wools. At the fine end, the changes are 141¢ for 17 micron wool, 171¢ for 17.5, 197¢ for 18 and 238¢ for 18.5 micron wool.

50,815 bales were on offer (compared with 44,715 last week), of which 9.8% were passed in, comprised of 7.2% in Sydney, 6.7% in Melbourne and 16.5% in Fremantle (including a 26.5% pass-in rate yesterday). Pass in rates for Merino fleece and skirtings were 10.9% and 5.8% respectively. 1,387 bales (2.7%) were withdrawn prior to sale and re-offered wools made up 14.7% of this week's offering.

The US exchange rate was 0.41¢ higher on Monday when compared with the Thursday of last week. It increased by 0.44¢ on Tuesday, decreased by 0.38¢ on Wednesday and increased by 0.42¢ on Thursday to close at 78.62¢, up 0.89¢ (+1.1%) since the last sale.

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