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AWEX five week forecast for wool

Apr '07
The Australian wool market finished 0.3% higher, on average, at sales in Sydney, Melbourne and Fremantle this week.

The AWEX EMI increased by 3¢ (+0.3%), ending the week at 937¢/kg clean. This reflected increases of 2¢ (+0.2%) in the North and 3¢ (+0.3%) in the South, with their corresponding Regional Indicators finishing the week at 970¢ and 909¢ clean respectively. The Western Indicator remained rose by 4¢ (+0.4%), finishing the week at 942¢/kg clean.

When compared with the start of the upward movement of the market in October, the EMI and the Northern, Southern and Western Indicators are now up by 196¢ (26.5%), 204¢ (26.6%), 189¢ (26.3%) and 225¢ (+31.4%), respectively. 19 to 23 average AWEX Micron Price Guides are up by 218¢ to 246¢ over the period and by 179¢ for 24 micron wools. At the fine end, the changes are 115¢ for 17 micron wool, 150¢ for 17.5, 163¢ for 18 and 183¢ for 18.5 micron wool.

53,045 bales were on offer, compared with 65,659 last week of which 9.0% were passed in, comprised of 7.4% in Sydney, 6.2% in Melbourne and 14.3% in Fremantle. Pass in rates for Merino fleece and skirtings were 10.8% and 6.1% respectively. 2,046 bales (3.7%) were withdrawn prior to sale and re-offered wools made up 13.5% of this week's offering.

The US exchange rate (RBA) was 0.22¢ higher on Monday when compared with Thursday last week. It fell by 0.94¢ on Tuesday, when the less than expected inflation rate lowered the chances on an increase in interest rate. There was no quote on Wednesday (Anzac Day).

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