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AWIS Wool market review - 15th June, 2007

Jun '07
The Australian wool market finished 1.8% lower, on average, at sales in Sydney, Melbourne and Fremantle this week.

The AWEX EMI fell by 13¢ (-1.3%), ending the week at 985¢/kg clean. This reflected decreases of 11¢ ( 1.1%) in the North and 12¢ (-1.2%) in the South, with their corresponding Regional Indicators finishing the week at 1,011¢ and 963¢ clean respectively. The Western Indicator fell by 30¢ (-3.0%) over the two weeks since the last sale, finishing the week at 980¢/kg clean, a similar fall to the North and the South over the same period.

When compared with the start of the upward movement of the market in October, the EMI and the Northern, and Southern and Western Indicators are now up by 244¢ (32.9%), 245¢ (32.0%), 243¢ (33.8%) and 263¢ (36.7%), respectively. 19 to 23 micron average AWEX Micron Price Guides (MPGs) are up by 261¢ to 272¢ clean over the period and by 213¢ for 24 micron wools. At the fine end, the changes are 169¢ for 16.5 micron wool, 219¢ for 17, 265¢ for 17.5, 245¢ for 18 and 263¢ for 18.5 micron wool.

48,293 bales were on offer, compared with 32,808 last week, of which 12.9% were passed in, comprised of 6.9% in Sydney, 10.3% in Melbourne and 22.3% in Fremantle. Pass in rates for Merino fleece and skirtings were 15.6% and 10.4% respectively. 1,821 bales (3.6%) were withdrawn prior to sale and re-offered wools made up 10.1% of this week's offering.

The US exchange rate (RBA) was 0.31¢ lower on Tuesday (Monday was the Queen's Birthday holiday) when compared with Thursday of last week. It decreased by 0.23¢ on Wednesday and by 0.26¢ on Thursday, to close at 83.86¢, down 0.80¢ (-0.9%) since the last sale. The exchange rate against the Euro increased by 0.33 Euro cents (+0.5%) to close at 63.00 Euro cents on Thursday night. When looked at in other currencies, the AWEX EMI decreased by 19¢ (2.2%) in US terms and by 4¢ (-0.6%) in Euro terms when compared with the previous sale.

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