Curtis Wool Direct

Australian Wool Market Report (week ending 18 December)

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The AWEX EMI finished 14¢ higher (+1.1%) in Australian currency and 2¢ lower (-0.2%) in US currency at sales in Sydney, Melbourne and Fremantle last week.  42,434 bales were on offer nationally, compared with 43,547 bales last sale. 4.4% of the offering was passed in. Sales are now in recess for the annual Christmas break. They will resume in the week commencing 11 January (Week 29).

 

The market finished on a strong note, going into the Christmas recess, with the Merino types up across all micron ranges and wool types; and rises for some crossbred wools. The rises in Australian currency were partly helped by the fall in the US exchange rate.

 

The first half of the season has finished with the EMI at an average of 1239¢, 206¢ (19.9%) above the average to Week 25 last year. It has been above 1200¢ in all but two weeks since early May.

 

The rises among the Merino wool this week were slightly higher from 19 microns up. Crossbred prices were more mixed with rises in the average AWEX MPGs at 28 and 30 microns and small falls at the other micron values. Merino skirtings had a good week and Merino cardings also edged up, with a 9¢ rise in the average AWEX Merino Cardings Price Guide, taking it to 297¢ (36.5%) above its value 12 months ago.

 

The US exchange rate finished 1.03¢ (-1.4%) lower to close at 71.82¢ on Thursday. The fall was in response to the expected decision by the US Federal Reserve to lift official interest rates by 0.25% to 0.5% on Wednesday (US time). It was the first rise since 2006.

 

Buyers for China were dominant, with support from buyers for Europe, India and Korea.

Source:  AUSTRALIAN WOOL INDUSTRIES SECRETARIAT INC

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