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Australian Wool Industries Secretariat wool market review |
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2004-7-5
The Australian wool market finished this week with prices 1.2% lower, on average, at the last sales for 2003/04 in Sydney, Melbourne and Fremantle.
The AWEX EMI decreased 11¢ (-1.3%) to end the week at 816¢/kg clean. This reflected decreases of 13¢ ( 1.6%) in the North and 10¢ (-1.2%) in the South, with their corresponding Regional Indicators finishing the week at 823¢ and 809¢ clean respectively. The Western Regional Indicator decreased by 7¢ (-0.9%) to close at 798¢/kg clean.
The comparative EMI at the end of last season was 937¢, falling to 901¢ the following week. The average EMI for 2003/04 was 821¢, as against 1052¢ in 2002/03.
50,574 bales were offered for sale (compared with 34,573 last week) with 13.2% passed in, comprising 12.8% in Sydney, 11.5% in Melbourne and 16.4% in Fremantle. Pass-in rates for Merino fleece and skirtings were 15.1% and 10.9%, respectively. 2389 bales (4.5%) were withdrawn prior to sale and re-offered wools made up 21.6% of this week''s offering.
The US exchange rate rose by 1.01¢ one cent on Monday and Tuesday, before falling by 1.06¢ on Wednesday, to finish the selling week 0.05¢ (-0.1%) below Thursday of last week. The value of the A$ against the Euro fell by €0.15 (-0.3%) to finish at 57.02.
The EMI retreated from its recent steady rise when it fell by 14¢ on Tuesday, in line with the upward movement in the US exchange rate. It recovered 3¢ of that fall on Wednesday when the exchange rate reversed the gains of the two previous days.
The fall on Tuesday was seen across all micron ranges and Merino fleece and skirtings descriptions, although skirtings were reported as unchanged in the West. Carding types resisted the trend and lifted. Wools from 19 to 23 microns and 23 microns in the West all showed some recovery on Wednesday, while other wools were generally unchanged. Carding types remained firm or a little dearer.
Buying was again led by China and the topmakers.
The new selling season commences next week in Sydney, Melbourne and Fremantle with 87,600 bales currently rostered for sale.
The latest production forecast was released during the week. It is now estimated that the 2003/04 clip will be 480 mkg and the 2004/05 clip will be 500 mkg. Both figures are 30 mkg higher than the previous review in March, reflecting better seasonal conditions and a more optimistic forecast from New South Wales.
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