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AWEX EMI drop by 9¢

28
Nov '08
The Australian wool market finished 1.2% lower, on average, at sales in Newcastle, Melbourne and Fremantle this week after rises of 43¢ and 22¢ in the AWEX EMI over the last two weeks.

The AWEX EMI fell by 9¢ (-1.1%), ending the week at 779¢/kg. This reflected falls of 12¢ (-1.5%) in the North and 7¢ (-0.9%) in the South, with their corresponding Regional Indicators finishing the week at 807¢ and 756¢ clean, respectively. The Western Indicator fell by 9¢ (-1.2%), finishing the week at 745¢.

In a three day sale in Newcastle and a two day sale in Melbourne, the AWEX EMI fell by 3¢ on Tuesday, by 9¢ on Wednesday and rose by 3¢ on Thursday. The Western Indicator fell by 8¢ on Wednesday and by 1¢ on Thursday in a two day sale in Fremantle.

43,244 bales were on offer, compared with 36,468 bales last week, of which 13.4% were passed in, comprised of 5.2% in Newcastle, 15.4% in Melbourne and 19.3% in Fremantle. Pass-in rates for Merino fleece and skirtings were 16.7% and 8.1%, respectively. 2,327 bales (5.1%) were withdrawn prior to sale and re-offered bales made up 19.0% of this week's offering.

The US exchange rate (source RBA) was 0.41¢ lower on Monday when compared with Thursday of last week. It was then up by 1.19¢ on Tuesday, by 0.29¢ on Wednesday and by 0.45¢ on Thursday to close at 65.03¢, up 1.52¢ (+2.4%) since the last sale. The exchange rate against the Euro fell by 0.52 Euro cents (-1.0%) to close at 50.33 Euro cents on Thursday night. When looked at in other currencies, the AWEX EMI moved up by 7¢ (+1.4%) in US terms and was down by 9¢ (-2.2%) in Euro terms when compared with the previous sale.

Although prices were generally down this week, this was largely associated with the 2.4% increase in the US exchange rate. The EMI was up by 7¢ in US terms. Falls were seen across nearly all Merino and crossbred micron ranges, but were more confined to fleece types rather than to skirtings. Prices rose among the Superfine wools in Newcastle on Tuesday, but eased on Wednesday and on Thursday, with the exception of wools around 15 microns, which were keenly sought. It was a small sale in Newcastle by previous standards with only 12,172 bales offered and the quality was generally down on the last sale.

Changes in the AWEX Micron Price Guides (MPGs) for Merino wools varied from -4.2% (20.0 microns) to +0.2% (17.0 microns), with the superfine wools being less affected than the medium and broader Merino Micron groups. Average AWEX Micron Price Guides (MPGs) were up by 4¢ clean for 16.5 microns, by 7¢ for 17.0 microns, down by 29¢ for 17.5 microns, by 19¢ for 18.0 microns, by 14¢ for 18.5 microns, by 6¢ for 19.0 microns and by 18¢ for 19.5 microns. The 20.0 micron wool average MPG was down by 33¢ clean, 21.0 microns by 29¢, 22.0 microns by 24¢, 23.0 microns by 21¢, and 24.0 microns was up by 1¢.

Merino skirtings were again in strong demand in Newcastle with prices generally up. However, prices eased in the South on Wednesday, before recovering at the fine end yesterday and in the West. Crossbred prices were up at the fine end but down in the medium and coarse ranges. Oddments continued the upward movement seen last week with a lift of 11¢ in the Merino Cardings average MPG.


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