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Australian wool market closes on high note

21
Sep '09
The Australian wool market finished 3.4% higher, on average, at sales in Sydney, Melbourne and Fremantle this week, when the US exchange rate was up by a further 1.8%. The AWEX EMI rose by 26¢ (+3.2%), ending the week at 839¢/kg. This reflected rises of 33¢ (+4.0%) in the North and 21¢(+2.6%) in the South, with their corresponding Regional Indicators finishing the week at 866¢ and 817¢ clean, respectively. The Western Indicator rose by 28¢ (+3.5%), finishing the week at 822¢. In looking at the rise in the Western Market Indicator, it needs to be seen as Wednesday to Wednesday change which includes some catch-up for the 10¢ rise in the EMI on Thursday of last week.

In a two day sale in Sydney and Melbourne, the AWEX EMI rose by 20¢ on Wednesday and by 6¢ on Thursday. The Western Indicator rose by 28¢ on Wednesday in a one day sale in Fremantle. The EMI has risen by 65¢ (8.4%) in A$ and by 82¢ 12.6%) in US$ since the resumption of sales at the beginning of August. 41,938 bales were on offer, compared with 42,433 bales last week, of which 5.0% were passed in, comprised of 1.8% in Sydney, 5.1% in Melbourne and 9.1% in Fremantle. Pass-in rates for Merino fleece and skirtings were 4.8% and 2.4%, respectively. 1,281 bales (3.0%) from the expected offering of 43,219 bales were withdrawn prior to sale and re-offered bales made up 7.4% of the final offering. 39,843 bales were cleared to the trade.

The US exchange rate (source RBA) was 0.41¢ lower on Monday when compared with Thursday of last week. It was then up by 0.54¢ on Tuesday, by 0.41¢ on Wednesday and by 1.03¢ on Thursday to close at 87.65¢, up 1.57¢ (+1.8%) since the last sale. The exchange rate against the Euro rose by 0.45 Euro cents (+0.8%) to close at 59.48 Euro cents on Thursday night. When looked at in other currencies, the AWEX EMI moved up by 35¢ (+5.0%) in US terms and by 19¢ (+4.0%) in Euro terms when compared with the previous sale.

It was a strong market, with a very good start on Wednesday, a low pass-in rate, rises across all Merino types and micron ranges and the AWEX EMI up in all currencies. Strong competition gave a much needed lift to the ultrafine end of the market in the North on Wednesday, although the movements among these wools eased on Thursday and were less pronounced in the South. Changes in the Average AWEX Micron Price Guides (MPGs) for Merino wools varied from +0.7% (16.5 microns) to +4.9% (21.0 microns) with the upward movements greatest from 19.5 to 23.0 microns. Average MPGs were up by 9¢ clean for 16.5 microns, by 25¢ for 17.0 microns, by 27¢ for 17.5 microns, by 19¢ for 18.0 microns, by 33¢ for 18.5 microns, by 34¢ for 19.0 microns and by 40¢ for 19.5 microns. The 20.0 micron wool average MPG was up by 36¢ clean, 21.0 microns by 42¢, 22.0 microns by 36¢, 23.0 microns by 38¢, and 24.0 microns by 26¢.

Merino skirtings followed the fleece market and were keenly sought after, particularly atthe fine end.Average AWEX MPG's for crossbreds were up at the fine end but marginally down (-1¢ to -6¢) for medium and coarse types. Oddments were slightly mixed, but generally finished up for the week. The AWEX average Merino Cardings MPG was up by 3¢ (+0.5%).


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