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Prices for wool moves up

08
May '09
The Australian wool market finished 1.2% higher, on average, at sales in Sydney, Melbourne and Fremantle this week.

The AWEX EMI rose by 7¢ (+0.9%), ending the week at 830¢/kg. This reflected rises of 10¢ (+1.2%) in the North and 6¢ (+0.7%) in the South, with their corresponding Regional Indicators finishing the week at 855¢ and 810¢ clean, respectively. The Western Indicator rose by 14¢ (+1.8%), finishing the week at 795¢.

In a two day sale in Sydney and Melbourne, the AWEX EMI fell by 1¢ on Wednesday and rose by 8¢ on Thursday. The Western Indicator rose by 9¢ on Wednesday and by 5¢ on Thursday in a two day sale in Fremantle.

41,681 bales were on offer, compared with 40,825 bales last week, of which 6.2% were passed in, comprised of 4.5% in Sydney, 6.0% in Melbourne and 8.3% in Fremantle. The pass-in rate was 6.4% for both Merino fleece and skirtings. 1,299 bales (3.0%) were withdrawn prior to sale and re-offered bales made up 12.8% of this week's offering.

The US exchange rate (source RBA) was 0.89¢ higher on Monday when compared with Thursday of last week. It was then up by a further 0.53¢ on Tuesday, down by 0.31¢ on Wednesday and up by 1.59¢ on Thursday to close at 75.35¢, up 2.70¢ (+3.7%) since the last sale. The exchange rate against the Euro rose by 2.03 Euro cents (+3.7%) to close at 56.63 Euro cents on Thursday night. When looked at in other currencies, the AWEX EMI moved up by 27¢ (+4.5%) in US terms and by 21¢ (+4.7%) in Euro terms when compared with the previous sale.

The EMI has risen by 105 A¢ (14.5%), 159 US¢ (34.1%) and 100 Euro ¢ (27.0%) since the upturn in the market at the beginning of March.

The wool market continued on a strong path this week with rises across all micron ranges and types despite a further strengthening of the US and Euro exchange rates. The market, although strong, opened on a slightly cautious note on Wednesday, but finished the day on a strong note. This was carried over into Thursday when there was strong competition across the board. The West started more strongly than the East on Wednesday, no doubt reflecting the two hour time difference and the strong finish in the East.

Changes in the Average AWEX Micron Price Guides (MPGs) for Merino wools varied from 0.0% (17.5 microns) to +3.2% (24.0 microns) with the biggest rises among the medium and broader Merinos again this week. Average MPGs were up by 3¢ clean for 16.5 microns, by 2¢ for 17.0 microns, unchanged for 17.5 microns, up by 5¢ for 18.0 microns, by 3¢ for 18.5 microns, by 9¢ for 19.0 microns and by 12¢ for 19.5 microns. The 20.0 micron wool average MPG was up by 11¢ clean, 21.0 microns by 16¢, 22.0 microns by 18¢, 23.0 microns by 23¢, and 24.0 microns by 24¢.

Merino skirtings continue to attract strong competition with prices moving up yesterday after holding firm on Wednesday. Fine crossbred Average MPGs were up by around 3% with smaller gains among the mediumand coarse types. Among the oddments, AWEX reported all types as remaining firm or moving upwards, but reported a 1¢ in the Average Merino Cardings MPG.


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