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AWI Australian Wool Market Commentary (25 August 2016)

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Results from last weeks’ Australian wool auction sales probably please all participants. A good result for growers given Australian dollar (AUD) prices in general gained a good 10 to 15ac/clean kg, whilst for buyers paying in US dollars (USD), Chinese Yuan Renminbi (CNY) or Euro, a slightly cheaper buy-in price became available. All wool types were dearer to varying degrees, but it was mainly the Merino and Crossbred fleece sectors that took the indicators higher.

 

The EMI (Eastern Market Indicator) gained 11ac over the week to close almost 1% higher at 1309ac/clean kg.

 

A limited offering was available this week as Fremantle did not offer any wool at auction. The small quantity offered in the two Eastern markets of less than 30,000 bales was met with extremely good competition from the trade, but it was the tenacious buying within the Merino fleece sector by the large Chinese indent operator on the final day that featured.

 

A sharp fall of around 100 points on Wednesday in the USD to AUD exchange rate enabled an aggressive approach to purchasing by this operator which ultimately saw it buy over 25% of available Merino fleece on that final day of selling. Conversely, the previous days’ activities saw the Australian exporters dominate the top tier of the national buying lists.

 

Merino fleece types of most descriptions posted a weekly gain of 15ac/clean kg on the indicators, but within the micron brackets, the wool quality determined significantly different outcomes.

 

Well tested lots and FNF (less than 1% vegetable matter -VM) gained 25 to 30ac/clean kg whilst the second tier and lower types were generally unchanged to just a cent or two dearer. CVH % (co-efficient of variation hauteur) readings were also playing a part in price determination, with very mixed results for those lots over the 51%cvh mark in general.

 

The skirting sector of the Merino offering also fared well across the broad spectrum of types that were available, with most descriptions being quoted as very firm to 10ac/clean kg dearer. Merino cardings were basically unchanged as small offerings in both centres had prices jumping around the established average quotations, with VM content proving to be the dominant price influence, particularly on any stained types.

 

Crossbred fleece wools of all microns 25 to 30 came under pressure again this week which caused prices to gain anywhere between 10 and 30ac/clean kg. The area around 29 micron was in most favour and as such, took the major gains from the buyers’ pockets. Once more, it was the Australian traders/exporters who dominated this area of the market.

 

Next week all Australian selling centres will be operating, offering 42,000 bales.

 

Source: AWI

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