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Western Wool Indicator falls this week

30 Mar '07
4 min read

The US exchange rate (RBA) was 0.15¢ lower on Monday when compared with Thursday of last week. It increased by 0.44¢ on Tuesday, decreased by 0.41¢ on Wednesday and rose by 0.21¢ on Thursday to close at 80.70¢, up 0.09¢ (+0.1%) since the last sale. The exchange rate against the Euro increased by 0.36 Euro cents (+0.6%) to close at 60.57 Euro cents on Thursday night. When looked at in other currencies, the AWEX EMI decreased by 7¢ (-0.9%) in US terms and by 3¢ (-0.5%) in Euro terms when compared with the previous sale.

The changes in the EMI in US and Euro currencies since mid October are now 199¢ US (35.9%) and 123 Euro cents (27.8%). In a three day sale in Melbourne, when only the New Zealand Merino Company sold on Tuesday, and a two day sale in Sydney, the AWEX EMI fell by 8¢ on Wednesday and by a further 2¢ on Thursday. The Western Indicator decreased by 11¢ on Wednesday and by 4¢ on Thursday.

Although prices eased during the week, this occurred against the impact of the drought showing up in the offering, a larger than expected sale quantity and a continuing high exchange rate. It was a mixed week for fleece wools with the better styled and stronger wools maintaining their prices, as did the 17 and 18 micron wools, while the lesser types experienced price falls.

Average Micron Price Guides for 18.5 to 20 micron wools were around 20¢ less than last week, and 10 to 15¢ less for 21 to 23 micron wool. Skirtings eased on Wednesday and generally firmed yesterday. Oddments were keenly sought after, except for locks in the West yesterday. The AWEX Merino Cardings Price Guide rose by 16¢ for the week. Crossbred wools firmed yesterday after easing on Wednesday.

Sales will be held in Sydney and Melbourne next week, when 48,832 bales are currently rostered for sale. Fremantle will be in recess. Current estimates for the following two sales after the one week Easter recess are 66,300 and 50,200, an average fall of 7.7% when compared with last year. In South Africa, the Cape Wools Indicator fell by 3.9% against a 2.6% appreciation of the US$ exchange rate and a 1.5% appreciation of the Euro exchange rate.

Australian Wool Innovation Limited

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