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Wool market marks 2.9% lower sale
30 Jun '07
4 min read
53,871 bales were on offer, compared with 26,289 last week, of which 16.7% were passed in, comprised of 13.9% in Sydney, 14.5% in Melbourne and 25.4% in Fremantle. Pass in rates for Merino fleece and skirtings were 19.1% and 16.2% respectively. 3,712 bales (6.4%) were withdrawn prior to sale and re-offered wools made up 10.4% of this week's offering.
The US exchange rate (RBA) was 0.30¢ higher on Monday when compared with Thursday of last week. It decreased by 0.14¢ on Tuesday, by 0.62¢ on Wednesday and increased by 0.07¢ on Thursday, to close at 84.19¢, down 0.39¢ (-0.5%) since the last sale.
The exchange rate against the Euro decreased by 0.58 Euro cents (-0.9%) to close at 62.54 Euro cents on Thursday night. When looked at in other currencies, the AWEX EMI fell by 25¢ ( 3.1%) in US terms and by 21¢ ( 3.5%) in Euro terms when compared with the previous sale.
The changes in the EMI in US and Euro currencies since mid October are now 230 US¢ (+41.5%) and 140 Euro cents (+31.7%). The EMI in US terms (784¢) is 89¢ above the 2002/03 peak of 695¢.
As mentioned above, the market came off sharply on the first days of selling, with the greatest falls again occuring at the fine end where average MPGs came back by 40 to 80¢. Medium micron average MPGs eased by 20 to 60¢. Increases were seen across the board when the market recovered on Thursday. Skirtings, oddments and crossbreds were all affected by the drop in the market.
The main buyers were for China with a strong buying presence from buyers for Italy among the fine wools on Tuesday and Wednesday. Sales will be held in Sydney, Melbourne and Fremantle next week, when 76,549 bales are currently rostered for sale. This will be the last sale before the three week recess.
The National Wool Production Forecasting Committee met yesterday. The 2006/07 production estimate was confirmed at 425 mkg, while the forecast for 2007/08 was revised downwards to 410 mkg, a fall of 3.5%.
The US exchange rate (RBA) was 0.30¢ higher on Monday when compared with Thursday of last week. It decreased by 0.14¢ on Tuesday, by 0.62¢ on Wednesday and increased by 0.07¢ on Thursday, to close at 84.19¢, down 0.39¢ (-0.5%) since the last sale.
The exchange rate against the Euro decreased by 0.58 Euro cents (-0.9%) to close at 62.54 Euro cents on Thursday night. When looked at in other currencies, the AWEX EMI fell by 25¢ ( 3.1%) in US terms and by 21¢ ( 3.5%) in Euro terms when compared with the previous sale.
The changes in the EMI in US and Euro currencies since mid October are now 230 US¢ (+41.5%) and 140 Euro cents (+31.7%). The EMI in US terms (784¢) is 89¢ above the 2002/03 peak of 695¢.
As mentioned above, the market came off sharply on the first days of selling, with the greatest falls again occuring at the fine end where average MPGs came back by 40 to 80¢. Medium micron average MPGs eased by 20 to 60¢. Increases were seen across the board when the market recovered on Thursday. Skirtings, oddments and crossbreds were all affected by the drop in the market.
The main buyers were for China with a strong buying presence from buyers for Italy among the fine wools on Tuesday and Wednesday. Sales will be held in Sydney, Melbourne and Fremantle next week, when 76,549 bales are currently rostered for sale. This will be the last sale before the three week recess.
The National Wool Production Forecasting Committee met yesterday. The 2006/07 production estimate was confirmed at 425 mkg, while the forecast for 2007/08 was revised downwards to 410 mkg, a fall of 3.5%.
Australian Wool Innovation Limited
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