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Wool market finishes 1.8% higher

30
Nov '09
The Australian wool market finished 1.8% higher, on average, at sales in Newcastle, Melbourne and Fremantle this week when the exchange rate against the US$ fell by 0.1%.

The AWEX Eastern Market Indicator (EMI) rose by 17¢ (+2.0%), ending the week at 867¢/kg. This reflected rises of 17¢ (+1.9%)in the North and 17¢ (+2.1%) in the South, with their corresponding Regional Indicators finishing the week at 893¢ and 845¢ clean, respectively. The Western Indicator rose by 13¢ (+1.5%),finishing the week at 868¢. In a three day sale in Newcastle and a two day sale in Melbourne, the AWEX EMI rose by 2¢ on Tuesday, by 14¢ on Wednesday and by 1¢ on Thursday. The Western Indicator rose by 13¢ on Wednesday and was unchanged on Thursday.

45,527 bales were on offer, compared with 44,913 bales last week, of which 8.2% were passed in, comprised of 5.3% in Newcastle,7.3% in Melbourne and 13.6% in Fremantle. Pass-in rates for Merino fleece and skirtings were 8.3% and 3.7%, respectively. 1,735 bales (3.7%) from the expected offering of 47,262 bales were withdrawn prior to sale and re-offered bales made up 10.8% of the final offering. 41,786 bales were cleared to the trade.

The US exchange rate (source RBA) was 0.39¢ lower on Monday when compared with Thursday of last week. It was then up by 0.24¢ on Tuesday, by 0.39¢ on Wednesday and down by 0.35¢ on Thursday to close at 92.24¢, down 0.11¢ (-0.1%) since the last sale. The exchange rate against the Euro fell by 0.89 Euro cents (-1.4%) to close at 61.05 Euro cents on Thursday night. When looked at in other currencies, the AWEX EMI moved up by 15¢ (+1.9%) in US terms and by 3¢ (+0.6%) in Euro terms when compared with the previous sale.

It was another good week with the EMI again up in all currencies. The market was strongest on Wednesday following reports of business done on Tuesday night. The strength continued into the first half of Thursday's sales before easing as the day proceeded. The Newcastle sale saw a slightly stronger presence from buyers for Italy and gains in all the superfine and ultrafine Micron Price Guides that reversed the downward movements seen last week. Top individual prices in Newcastle were 35,000¢ and 27,500¢ greasy, each for a bale of 12.3 micron wool.

Changes in the Average AWEX Micron Price Guides (MPGs) for Merino wools varied from +1.6% (23.0 microns) to +3.1% (17.0 microns) with gains across all Merino micron ranges and types. Average MPGs were up by 23¢ clean for 16.5 microns, by 38¢ for 17.0 microns, by 32¢ for 17.5 microns, by 30¢ for 18.0 microns, by 26¢ for 18.5 microns, by 29¢ for 19.0 microns and by 22¢ for 19.5 microns. The 20.0 micron wool average MPG was up by 24¢ clean, 21.0 microns by 19¢, 22.0 microns by 16¢, 23.0 microns by 13¢, and 24.0 microns by 16¢.

There was strong demand for all Merino skirtings types. This was an improvement on the last two weeks when the better types had done less well than the heavier fault types. Crossbreds did less well than the Merino types with the changes in their average MPGs varying from -1¢ at 28.0 microns to +4¢ at 26.0 and 32.0 microns. Oddments were in good demand with the average AWEX Merino Cardings MPG up by 6¢ (+1.1%).


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