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Australian Wool Industries Secretariat wool market review |
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2004-7-12
The Australian wool market finished this week with prices 2.1% lower, on average, at the first sales for 2004/05 in Sydney, Melbourne and Fremantle.
The AWEX EMI decreased by 15¢ (-1.8%) to end the week at 801¢/kg clean. This reflected falls of 13¢ ( 1.6%) in the North and 16¢ (-2.0%) in the South, with their corresponding Regional Indicators finishing the week at 810¢ and 809¢ clean respectively. The Western Regional Indicator fell by 22¢ (-2.8%) to close at 776¢/kg clean.
80,562 bales were offered for sale (compared with 50,574 last week), with 17.6% passed in, comprising 11.3% in Sydney, 18.9% in Melbourne and 21.7% in Fremantle. Pass-in rates for Merino fleece and skirtings were 20.9% and 10.5%, respectively. 5,082 bales (5.9%) were withdrawn prior to sale and re-offered wools made up 19.1% of this week''s offering.
After sitting in a band between low 68s and high 69s for most of the last two months, the US exchange rate move progressively and sharply upwards during the week to close at 72.17¢ last night, 3.28¢ (+4.8%) up on the final day of selling last week (Wednesday). The A$ also appreciated against the Euro, but in a more moderate manner, being up 1.31centimes (+2.3%) to 58.33 last night.
The sale was a good one considering the change in exchange rates and the larger quantity on offer. The EMI fell by 17¢ (-2.1%) on Tuesday, by which time the US exchange rate had appreciated by 4%, and remained steady for the remainder of the selling week with an increase of 2¢ on Wednesday and a zero change on Thursday. The need to fill orders before the break and the small Sydney-only offering next week may have contributed to the strength of activity. Nevertheless, it is always good to approach the break on a firm market.
Falls on Tuesday were seen across all micron ranges and all wool types. A good quality offering in the South on Wednesday saw rises at the fine end while most other wools were relatively steady on the previous day. Falls were seen in the West, as it adjusted to the new levels. On Thursday, fine wools held in the North while others eased, whereas in the South, the fine wools eased slightly while most other micron ranges moved a little upwards. Most cardings types were stronger on Thursday, particularly in the West.
In a familiar pattern, buying was again led by China and the topmakers.
Sales next week continue in Sydney, with 26,600 bales currently rostered for sale. Melbourne and Fremantle are in recess for two weeks.
Sales have now moved to the new numbering system where they are identified by week number rather than sequential sale number order.
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