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AWEX EMI drop by 29¢

22
Oct '08
The Australian wool market finished 3.5% lower, on average, at sales in Newcastle, Melbourne and Fremantle this week.

The AWEX EMI fell by 29¢ (-3.3%), ending the week at 839¢/kg. This reflected falls of 24¢ (-2.6%) in the North and 34¢ (-4.1%) in the South, with their corresponding Regional Indicators finishing the week at 885¢ and 800¢ clean, respectively. The Western Indicator fell by 30¢ (-3.7%), finishing the week at 790¢.

In a three day sale in Newcastle and a two day sale in Melbourne, the AWEX EMI fell by 8¢ on Tuesday, by 19¢ on Wednesday and by 2¢ on Thursday. The Western Indicator fell by 20¢ on Wednesday and by 10¢ on Thursday in a two day sale in Fremantle.

55,911 bales were on offer, compared with 52,414 bales last week, of which 20.5% were passed in, comprised of 12.3% in Newcastle, 21.6% in Melbourne and 28.0% in Fremantle. Pass-in rates for Merino fleece and skirtings were 25.7% and 14.3%, respectively. 2,457 bales (4.2%) were withdrawn prior to sale and re-offered bales made up 11.4% of this week's offering.

In another week of wildly fluctuating exchange rates, the US exchange rate (source RBA) was 3.14¢ lower on Monday when compared with Thursday of last week. It was then up by 4.81¢ on Tuesday in response to the announcement of Federal Government's $10.4 billion fiscal stimulus program, down by 1.00¢ on Wednesday and by a further 3.02¢ on Thursday to close at 66.81¢, down 2.35¢ (-3.4%) since the last sale.

The exchange rate against the Euro ranged from 48.83 to 51.84 Euro cents before finishing down by 0.64 Euro cents (-1.3%) to close at 49.96 Euro cents on Thursday night. When looked at in other currencies, the AWEX EMI moved down by 39¢ (-6.5%) in US terms and by 20¢ (-4.6%) in Euro terms when compared with the previous sale.

Prices came back for all Merino types and micron ranges as demand continues to be down and there was less of a downward movement in exchange rates to buffer the fall in prices in A$. It is unfortunate that this coincided with an excellent offering of fine wools in Newcastle where the sale opened around 100¢ down, and more for the better types.

Average AWEX Micron Price Guides (MPGs) were down by 61¢ clean for 16.5 microns, by 86¢ for 17.0 microns, by 68¢ for 17.5 microns, by 44¢ for 18.0 microns, by 41¢ for 18.5 microns, by 36¢ for 19.0 microns and by 44¢ for 19.5 microns. The 20.0 micron wool average MPG was down by 29¢ clean, 21.0 microns by 29¢, 22.0 microns by 24¢, 23.0 microns by 28¢, and 24.0 microns was up by 5¢. 24 micron wools were in short supply and experienced good competition.

Prices for skirtings held reasonably well in Newcastle, but eased in the South and the West. Oddments fared better than other types during the week with the AWEX average Merino Cardings MPG lifting by 5¢. Crossbreds had a mixed week, easing sharply for fine and medium types but picking up at the coarse end.

Buyers for Italy led the way inNewcastle, with buyers for China dominant on a national basis and some support from buyers for India.


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