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AWIS wool market review - June 8, 2007

Jun '07
In a week when the US exchange rate rose by 2.7% to levels not seen since 1990, the Australian wool market finished 2.0% lower, on average, at sales in Sydney and Melbourne. Fremantle was in recess.

The AWEX EMI fell by 18¢ (-1.8%), ending the week at 998¢/kg clean. This reflected decreases of 27¢ ( 2.6%) in the North and 13¢ (-1.3%) in the South, with their corresponding Regional Indicators finishing the week at 1,022¢ and 975¢ clean respectively. The Western Indicator remained the same this week (while in recess), at 1,010¢/kg clean.

When compared with the start of the upward movement of the market in October, the EMI and the Northern, and Southern Indicators are now up by 257¢ (34.7%), 256¢ (33.4%) and 255¢ (35.4%), respectively. 19 to 23 micron average AWEX Micron Price Guides (MPGs) are up by 277¢ to 301¢ clean over the period and by 230¢ for 24 micron wools. At the fine end, the changes are 197¢ for 16.5 micron wool, 242¢ for 17, 275¢ for 17.5, 266¢ for 18 and 289¢ for 18.5 micron wool.

32,808 bales were on offer, compared with 50,161 last week, of which 11.0% were passed in, comprised of 8.9% in Sydney and 12.9% in Melbourne. Pass in rates for Merino fleece and skirtings were 14.3% and 5.8% respectively. 530 bales (1.6%) were withdrawn prior to sale and re-offered wools made up 8.4% of this week's offering.

The US exchange rate (RBA) was 0.89¢ higher on Monday when compared with Thursday of last week and continued to rise all week. It increased by a further 0.21¢ on Tuesday, by 0.82¢ on Wednesday and by 0.30¢ on Thursday, to close at 84.66¢, up 2.22¢ (+2.7%) since the last sale. The exchange rate against the Euro increased by 1.30 Euro cents (+2.1%) to close at 62.67 Euro cents on Thursday night.

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