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China dominates as wool buyer as markets move up slightly

May '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 940¢/kg clean. This reflected increases of 2¢ (+0.2%) in the North and 4¢ (+0.4%) in the South, with their corresponding Regional Indicators finishing the week at 972¢ and 913¢ clean respectively. The Western Indicator rose by 3¢ (+0.3%), finishing the week at 945¢/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 199¢ (26.9%), 206¢ (26.9%), 193¢ (26.8%) and 228¢ (31.8%), respectively. 19 to 23 average AWEX Micron Price Guides are up by 218¢ to 249¢ over the period and by 183¢ for 24 micron wools. At the fine end, the changes are 119¢ for 17 micron wool, 156¢ for 17.5, 154¢ for 18 and 187¢ for 18.5 micron wool.

53,643 bales were on offer, compared with 53,045 last week, of which 7.2% were passed in, comprised of 5.6% in Sydney, 5.8% in Melbourne and 9.9% in Fremantle. Pass in rates for Merino fleece and skirtings were 8.4% and 3.7% respectively. 1,156 bales (2.1%) were withdrawn prior to sale and re-offered wools made up 13.6% of this week's offering.

The US exchange rate (RBA) was 0.64¢ lower on Monday when compared with Thursday last week. It rose by 0.24¢ on Tuesday, fell by 0.45¢ on Wednesday and by 0.02¢ on Thursday, to close at 82.45¢, down 0.87¢ (-1.0%) since the last sale. The exchange rate against the Euro fell by 0.45 Euro cents (-0.7%) to close at 60.59 Euro cents on Thursday night. When looked at in other currencies, the AWEX EMI decreased by 6¢ (-0.7%) in US terms and by 2¢ ( 0.4%) in Euro terms when compared with the previous sale.

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