Curtis Wool Direct

Australian Wool Market Report (26 June)

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The AWEX EMI finished at 1263¢, 57¢ lower (-4.3%) in Australian currency and 43¢ lower (-4.2%) in US currency at sales in Sydney, Melbourne and Fremantle this week. 45,052 bales were on offer nationally, compared with 23,622 bales last sale. 16.9% of the offering was passed in.

The trade expected the market to move down on Wednesday, given the relatively large offering both in this sale and in the first sale of the 2015/16 season; and the increase of 11,000 bales plus in their expected size over the two weeks prior to sale.

 

However, the level of the EMI is still relatively high – it has only been exceeded four times this season.

 

Needless to say, there were falls across all micron ranges and wool types on Wednesday.

Thursday was a much steadier day. The EMI was still down, but by 8¢ (4¢ in US); and the competition was more evenly spread in the sale rooms.

 

Overall, the fine Merinos were again the least affected, while the average AWEX MPGs for other Merino wools and for crossbreds were down by around 5%.

 

The better performance at the fine end during June can be seen in the difference between the Eastern States average MPGs for 16.5 and 22 microns. It has risen from 184¢ to 255¢ since the first sale in June.

 

Merino skirtings followed the fleece wools down on Wednesday, but were generally quoted as firm on Thursday. Oddments followed a similar pattern. The average AWEX Merino Cardings Price Guide was down by 1.1%, which was the smallest fall of any of the AWEX Indicators.

 

The US exchange rate finished 0.07¢ (0.1%) higher to close at 77.41¢ on Thursday. The exchange rate has been quite stable, despite the doubts about what Greece will do.

 

Buyers for China were dominant, with support from buyers for Europe, particularly among the finer wools.

 

Source: AUSTRALIAN WOOL INDUSTRIES SECRETARIAT INC

 

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