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The Australian wool market made slight gains in average values in the final week of sales before the Easter recess, analysts said on Friday. The AWEX Eastern Market Indicator (EMI) gained five cents to end the week at 728 cents a kg clean, based on rises of five cents in the northern market (Sydney) and six cents in the southern market (Melbourne). Their regional indicators ended the week at 743 cents a kg clean and 715 cents a kg clean, respectively.
There were no sales in Fremantle this week, which has already gone into recess.
"Buyers were very positive about the market, with a good mood being present in the sales rooms and widespread competition for the available wool and a good clearance taking place," said Peter Morgan from the Australian Wool Industries Secretariat.
"Prices rose across all micron ranges on Tuesday and again for most wool on Wednesday, when the AWEX Indicators moved back for some broad wools," Morgan said.
The most significant gains were seen among the finer end of the offering, with the northern 19 Micron Price Guide (MPG) ending the week 18 cents higher to 947 cents a kg clean, while the southern 19 MPG lifted 29 cents to 941 cents a kg clean.
"The market gains this week could be attributed to the fall in the Australian dollar which has lost more than two US cents in the last seven days," woolbroker Landmark said.
The Australian dollar started the week trading as high as 79.5 US cents, before dropping to just above 77 US cents on Thursday.
Buying was led by Chinese purchases and the processors, Morgan said.
Of the 47,174 bales on offer this week, a relatively low 9.4 percent were passed in.
Sales will now recess over Easter, with auctions scheduled to resume in Sydney, Melbourne and Fremantle on the week starting April 4.

Copyright Reuters, 2005

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