The EMI in US terms (762¢) is 67¢ above the 2002/03 peak of 695¢. The market has very well given the recent uncertainties. It has been assisted by the falls in currency over the past two weeks. But, in A$ terms it is at its highest level since Week 51 of last season.
The market opened on a firm note in Newcastle on Tuesday where a combination of a better offering and demand saw AWEX Micron Price Guides lift by 20 to 30¢, with bigger lifts for the Spinners types. After firming on Wednesday, the correction yesterday saw falls across all micron ranges.
Week-on-week average MPGs were up by 22¢ for 17.0 microns, by 1¢ at 17.5, up by 3 to 9¢ in the 18.0 to 19, down by 2¢ for 19.5, up by 7¢ for 20, down by 3 to 6¢ for 21 to 23 and up by 20¢ for 24 microns. Skirtings were again in strong demand with increases sometimes greater than those for fleece wools. Oddments were keenly sought all week as were crossbreds with averages gains of around 15¢ in their MPGs.
Purchases were again widely spread, with a stronger presence from Europe and a notably greater presence by buyers for China. The Chinese wool quota issues remain unresolved. The Australian Trade Minister, Warren Truss, is due to meet the Chinese Commerce Minister, Mr Bo Xilai, at a Regional trade meeting in the Philippines next week.
Sales will be held in Sydney, Melbourne and Fremantle next week, when 49,329 bales are currently rostered for sale. Present estimates for the following three sales vary from 49,737 to 55,100 bales, a decrease of 12.1% over the four sale period when compared with last year. Auction offerings remain behind the same period last year, but the gap has narrowed since last week.
Australian Wool Innovation Limited
marketing@alchempro.com
