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Wool market finishes 1.9% higher

14
Jun '10
The Australian wool market finished 1.9% higher, on average, at sales in Sydney and Melbourne this week when the US exchange rate fell by 1.3%.

26,680 bales were on offer, compared with 34,299 bales last week (when all three regions sold). 4.2% were passed in, comprised of 3.6% in Sydney and 4.5% in Melbourne. Pass-in rates for Merino fleece and skirtings were 4.3% and 3.2%, respectively.

669 bales (2.4%) from the expected offering of 27,349 bales were withdrawn prior to sale and re-offered bales made up 14.7% of the final offering. 25,567 bales were cleared to the trade.

The financial and share markets had another mixed week with further concerns about the European financial problems appearing to have the greatest influence.

It was another good market with strong demand and prices rising in Australian currency, but down by 3¢ in US. The market opened strongly on Wednesday, with the closing EMI up by 13¢, when the US exchange rate was 3.2% lower than on Thursday last week. The EMI rose by 3¢ against a 1.9% appreciation in the US exchange rate in an encouraging sign on Thursday. Prices were up for all types and micron ranges with the 19.5 micron and broader wools doing best. 23 and 24 micron wools recovered well from downturns in their average AWEX MPGs last week.

Skirting types continued to be in strong demand across all types, with rises on both days. It was a very good week for all crossbred types with rises in their average AWEX MPGs of +1.6% (26 microns), +3.9% (28 microns), +2.8% (30 microns) and +5.5% (32 microns). Oddments were again in very strong demand and once again the average AWEX Merino Cardings Price Guide had the largest week-on-week change (+5.6%).

Buyers for China were again dominant followed by buyers for Taiwan, Europe, India and Korea.

Sales will be held in Sydney, Melbourne and Fremantle next week, when 32,285 bales are currently rostered for sale. Present estimates for the following two sales (Weeks 52 and 53) are 32,620 and 32,800 bales, respectively. The offerings are up by 28.7% for Weeks 51 and 52. There was no Week 53 last year. The large two week year-on-year change is due to a very small offering of 17,200 bales in Week 51 last year.

In the last South African sale for this season, the Cape Wools Indicator was up by 1.5% since the sale two weeks ago, against a 1.2% appreciation of the Rand against the US Dollar and a 3.9% appreciation against the Euro. 12,520 bales were on offer.

Click here to view the table

Australian Wool Industries Secretariat


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