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Wool market finishes 0.5% lower

23
Nov '09
The Australian wool market finished 0.5% lower, on average, at sales in Sydney, Melbourne and Fremantle this week when the exchange rate against the US$ fell by 1.1%.

The AWEX Eastern Market Indicator (EMI) fell by 3¢ (-0.4%), ending the week at 850¢/kg. This reflected falls of 4¢ ( 0.5%) in the North and 3¢ (-0.4%) in the South, with their corresponding Regional Indicators finishing the week at 876¢ and 828¢ clean, respectively. The Western Indicator fell by 5¢ (-0.6%), finishing the week at 855¢.

In a three day sale in Melbourne and a two day sale in Sydney, the AWEX EMI fell by 4¢ on Tuesday, by 2¢ on Wednesday and rose by 3¢ on Thursday. The Western Indicator fell by 6¢ on Wednesday and rose by 1¢ on Thursday in a two day sale.

44,913 bales were on offer, compared with 46,509 bales last week, of which 11.7% were passed in, comprised of 9.6% in Sydney, 11.6% in Melbourne and 14.6% in Fremantle. Pass-in rates for Merino fleece and skirtings were 13.3% and 4.6%, respectively. 1,237 bales (2.7%) from the expected offering of 46,150 bales were withdrawn prior to sale and re-offered bales made up 9.5% of the final offering. 39,679 bales were cleared to the trade.

The New Zealand Merino Company also offered 2,523 bales in Melbourne on Wednesday of which 31.6% were passed in. 73 bales (2.8%) were withdrawn prior to sale and 11.2% of the bales were re-offers.

The US exchange rate (source RBA) was 0.11¢ higher on Monday when compared with Thursday of last week. It was then down by 0.03¢ on Tuesday, by 0.80¢ on Wednesday and by 0.31¢ on Thursday to close at 92.35¢, down 1.03¢ (-1.1%) since the last sale. The exchange rate against the Euro fell by 0.35 Euro cents (-0.6%) to close at 61.94 Euro cents on Thursday night. When looked at in other currencies, the AWEX EMI moved down by 12¢ (-1.5%) in US terms and by 5¢ (-0.9%) in Euro terms when compared with the previous sale.

A slight easing of Chinese limits combined with the 1.1% fall in the US exchange rate resulted in an easing of the market in both Australian and United States currencies on the first two days. Thursday saw a better result, with strong competition in the rooms and the EMI up in Australian currency and unchanged in US. Wools from 17.5 microns down were more affected than others. This is probably associated with the greater availability of these wools at next week's sale in Newcastle.

Changes in the Average AWEX Micron Price Guides (MPGs) for Merino wools varied from -2.5% (16.5 microns) to +0.4% (23.0 microns). Average MPGs were down by 32¢ clean for 16.5 microns, by 28¢ for 17.0 microns, by 23¢ for 17.5 microns, by 11¢ for 18.0 microns, by 10¢ for 18.5 microns, by 14¢ for 19.0 microns and by 10¢ for 19.5 microns. The 20.0 micron wool average MPG was down by 5¢ clean, 21.0 microns by 3¢, 22.0 microns by 2¢, 23.0 microns was up by 3¢, and 24.0 microns by 1¢.

Merino skirtings were a bit mixed, with those at the finer end and with low VM being more affected than other types. Average MPGs for crossbred wools were down from -0.3% (32 microns) to -1.8% (28 microns). Oddments were generally unchanged in the East and down slightly in the West, with the average Merino Cardings MPG down by 2¢ (-0.4%).


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