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Australian Wool Market review (AWIS 24 April 2015)

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The AWEX EMI finished 23¢ higher (+2.0%) in Australian currency and 18¢ higher (+2.1%) in US currency at sales in Sydney, Melbourne and Fremantle this week. 46,370 bales were on offer nationally, compared with 54,229 bales last sale. 1.9% of the offering was passed in, the lowest figure for the season.

 

The good run in the market since the end of March continued this week, taking the EMI in A$ to its highest level since May 2012; and to its highest level in US$ since the end of November last year (when the US exchange rate was 85.99). The WMI is at its highest level since April 2012.

 

The market was very strong on Wednesday, when there were significant gains across all wool types and micron ranges, particularly among the medium and broader Merino wools. Thursday saw a consolidation of Wednesday’s good prices and further gains. The greatest sale-to-sale gains in the average AWEX MPGs were from 18.5 to 22 microns, all of which were up by over 2%. Merino types again did better than the crossbreds

 

It was another good week for Merino skirtings, with good gains on both days; and for oddments which also made good gains for the week. Merino cardings continued their upward movement, with the average AWEX Merino Cardings Indicator up by another 1.3% to 982¢; and speculation whether it will reach 1,000¢.

 

The US exchange rate was again volatile, before finishing 0.05¢ (0.1%) higher to close at 77.48¢ on Thursday. It fell by 1.21¢ on Tuesday following some bearish remarks from the Governor of the Reserve Bank that heighted expectation of a fall in Australian official interest rates next month.

 

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

 

Source: This report is prepared by Australian Wool Industries Secretariat Inc

 

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