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Wool market review - 22nd June, 2007
22 Jun '07
3 min read
The US exchange rate is now at levels not seen since 1989. The exchange rate against the Euro increased by 0.12 Euro cents (+0.2%) to close at 63.12 Euro cents on Thursday night. When looked at in other currencies, the AWEX EMI decreased by 17c (-2.1%) in US terms and by 18c (-2.9%) in Euro terms when compared with the previous sale.
In a one day sale, in Melbourne on Wendesday and a two day sale in Sydney, the AWEX EMI fell by 25c on Wendesday and 4c on Thurdsay.
The market commenced on a high degree of uncertainty when it was announced earlier in the week that the rostered quantity for the first sale in July (the last sale before the mid-season break) had increased by 20% over the previous week's estimate. Fleece wools came off sharply on Wednesday, with the greatest falls again being at the fine end where average PMSA came back by 40 to 60c.
Medium micron average MPGs ease by 20 to 30c. Skirtings were less affected, as seen in their lesser pass-in rate of 9.4%, cmpared with 19.4% for fleece wool. Oddments also lost ground during the week with the AWEX Merino Cardings MPG falling by 9c. Crossbred average MPGs were 4 to 13c below last week's closing levels.
The main buyers were for China with a strong buying presence for Italy among the fine wools in Sydney on Thursday.
Sales will be held in Sydney, Melbourne and Fremantle next week when 61,577 bales are currently rostered for sale. The current estimate for the remaining sale (Sale 1 of next season) before the general recess is 64,074, a decrease of 1.9% over the two sale preiod when compared with last year. South African sales are now in recess.
The National Wool Production Forecasting Committee meets next Thursday and will release the latest forecasts on Friday afternoon.
In a one day sale, in Melbourne on Wendesday and a two day sale in Sydney, the AWEX EMI fell by 25c on Wendesday and 4c on Thurdsay.
The market commenced on a high degree of uncertainty when it was announced earlier in the week that the rostered quantity for the first sale in July (the last sale before the mid-season break) had increased by 20% over the previous week's estimate. Fleece wools came off sharply on Wednesday, with the greatest falls again being at the fine end where average PMSA came back by 40 to 60c.
Medium micron average MPGs ease by 20 to 30c. Skirtings were less affected, as seen in their lesser pass-in rate of 9.4%, cmpared with 19.4% for fleece wool. Oddments also lost ground during the week with the AWEX Merino Cardings MPG falling by 9c. Crossbred average MPGs were 4 to 13c below last week's closing levels.
The main buyers were for China with a strong buying presence for Italy among the fine wools in Sydney on Thursday.
Sales will be held in Sydney, Melbourne and Fremantle next week when 61,577 bales are currently rostered for sale. The current estimate for the remaining sale (Sale 1 of next season) before the general recess is 64,074, a decrease of 1.9% over the two sale preiod when compared with last year. South African sales are now in recess.
The National Wool Production Forecasting Committee meets next Thursday and will release the latest forecasts on Friday afternoon.
The Woolmark Company
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