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Australian Wool Report (22 January)

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The positive mood, amid the general global financial woes, continued last week at Australian Wool auction sales. The wool market seems to have a habit of resisting the trajectory and severity of reactions of the major traded financial and commodity products. Whilst exporters approached the week with some trepidation given the large volume available, confidence grew as the week progressed, and nearly all wool types and descriptions on offer posted gains for the series. The Eastern Market Indicator (EMI) increased 14ac/clean kg to close at 1296ac/clean kg. This is an AUD level of over 23% better than the same period of last season. In contrast to this, the EMI when expressed in USD is 47usc/clean kg higher at 895usc/clean kg or 5.6% better.

 

The commencement of sales last Tuesday in Melbourne alone had buyers believing in a cheaper market scenario. Whilst there was a little weakness seen in parts, overall the market performed much better than expectations. As the Fremantle and Sydney auction centres joined Melbourne on the Wednesday, it became apparent to all that the diverse selection and new business written was enough to keep the market in the sellers favour and resulted in good price rises across all sectors. Thursday recorded mixed results, with the Sydney market trading strongly at firm levels to the close, Melbourne showing pockets of weakness, whilst Fremantle had a day whereby most types finished the week being 5 to 10ac cheaper for that day, but still remained in positive territory for the weekly result.

 

Super fine (18.5 micron and finer) Merino fleece of the better specifications posted the largest gains of the sales, with 30ac being added, while the rest of the Merino fleece sold generally 5 to 15ac dearer. Skirtings traded fully firm, whilst cardings continue their incredible run of strong prices to be upwards of 20ac dearer. Crossbreds performed exceptionally under larger than usual volumes, with gains of 10ac on all types finer than 30 micron, whilst the broader types were 5ac softer.

 

This week has 46,000 bales rostered for sale across all three selling centres. Demand for all wool types appears very strong, although a strengthening Aussie dollar today may see indent buyers slightly weaker. The marginally soft finish to the week would seem to indicate buyers filling urgent requirements, but from all accounts there is still outstanding contracts to execute.

Source: AWI

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