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AWIS wool market review - June 1, 2007

Jun '07
Although easing yesterday against a rising US exchange rate, the Australian wool market had another good week when prices finished 0.8% higher, on average, at sales in Sydney, Melbourne and Fremantle.

The AWEX EMI increased by 8¢ (+0.8%), ending the week at 1,016¢/kg clean. This reflected increases of 13¢ (+1.3%) in the North and 3¢ (+0.3%) in the South, with their corresponding Regional Indicators finishing the week at 1,049¢ and 988¢ clean respectively. The Western Indicator rose by 7¢ (+0.7%), finishing the week at 1,010¢/kg clean. All four Indicators are at season highs and were all above 1,000¢ on Wednesday, the first time since the last week before Easter in April 2003.

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 275¢ (37.1%), 283¢ (36.9%), 268¢ (37.2%) and 293¢ (40.9%), respectively. 19 to 23 micron average AWEX Micron Price Guides (MPGs) are up by 294¢ to 339¢ clean over the period and by 225¢ for 24 micron wools. At the fine end, the changes are 278¢ for 17 micron wool, 322¢ for 17.5, 299¢ for 18 and 335¢ for 18.5 micron wool.

50,161 bales were on offer, compared with 48,789 last week, of which 6.4% were passed in, comprised of 2.0% in Sydney, 4.6% in Melbourne and 14.4% in Fremantle. Pass in rates for Merino fleece and skirtings were 6.8% and 4.8% respectively. The higher value for Fremantle was influenced by a pass-in rate of 21.7% yesterday when the market eased. 1,659 bales (3.2%) were withdrawn prior to sale and re-offered wools made up 10.0% of this week's offering.

The US exchange rate (RBA) was 0.36¢ lower on Monday when compared with Thursday of last week. It decreased by 0.18¢ on Tuesday, rose by 0.14¢ on Wednesday and by 0.56¢ on Thursday, to close at 82.44¢, up 0.16¢ (+0.2%) since the last sale.

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