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  • Prices ease before recess

    Written by admin on 13/07/2018 Categories: 南京夜网

    The final sale before the three-week winter recess saw a softening in the Australian wool market with adverse currency movements taking their toll. The EMI closed 9 cents lower, however those buyers calculating prices in USD saw a 5-cent jump and the market was also dearer in Chinese and European currencies.
    Nanjing Night Net

    Although the market finished softer the tone in the auction room was far from negative with last minute orders needing to be filled and the Fremantle market, which closed out the selling week remaining strong. Superfine types fared well with the high quality selection creating interest from European buyers. The 17-MPG has closed $1 higher than at the same point last year setting up the market for a strong start in the season ahead.

    Medium merino wools softened by 25 cents but the 21-MPG still closed at 1470. With a gross return of around $1800 per bale for 21-micron fleece wool and meat prices looking strong most growers can comfortably plan for the coming year. Even carding wools have closed 50 cents higher than at the same point in 2015. Crossbred wools remain the only segment of the market not to have exceeded levels of last year.

    Often as the market enters the recess there is a lack of trading and general nervousness about where the market could reopen, however given the hand to mouth operation of nearly all early stage processing mills and the ongoing talk about supply issues there is less conviction among the overseas trade about a large correction in August. There remains a degree of unsatisfied demand in the pipeline given that most spinners have for the past three or four months only purchased the bare minimum of raw material.

    Once the European mills return from their annual holidays, many production managers will be asking what prompt stock is available. Some of these buyers have clearly misjudged the market, expecting wool prices to ease in June/July as normal, but in USD/Euro terms this has not been the case. Most segments of the market, with the exception of crossbreds have risen steadily since last October and this gradual rise has in the past been more sustainable than the dramatic leaps that often beset the wool market.

    The slow and steady rise is less likely to create casualties along the way with inventory able to be repriced gradually and no big loss making orders being held that cannot be delivered. While there are a few manufacturers kicking themselves for not building some stock before now, there is no despair among the processing fraternity about having missed the boat entirely. Three weeks is a long time for a topmaker or spinner to maintain prices if they are not selling but most will be confident to hold current price levels while stocks remain low, and the general perception exists that restocking demand will support the first couple of sales in August.

    By the time sales resume Europeans will be gearing up for another round of trade fairs and trying to ascertain the outlook for the 2017/18 season. Merino is moving more and more towards the luxury fibre niche where raw material price becomes less of an issue, however for the remaining segment of the industry still comparing wool prices with other textile fibres the recent increase in cotton would be interesting.

    In the past week the price of cotton has increased by 14 per cent, and while some of this bounce may disappear, a recovery in prices appears here to stay. Similarly the price of synthetic fibres is trending up as major producers look to increase margins and rising oil prices lift the cost of base inputs.

    It may be too much to expect for smooth sailing on the world economic front in the next six months, to allow the wool market to motor along its predicted path, but the kerfuffle over Brexit has quickly dissipated and the US looks to be on an even keel. No doubt other issues will emerge to muddy the waters but those who are concerned about such a situation have good opportunities to use the forward market to offset this uncertainty.

    Superfine Merino: With the emergence of some superior wool in the market this week we got a glimpse of the European buyers’ intent and their activity was very positive on lots that met their criteria. It is normal for the micron premium to increase in early spring, driven largely by this European activity and the early indications are that we will again see higher premiums being paid for good quality superfine wool in coming months.

    Medium Merino: Current levels a buck and a half above the same time last year is certainly good, but it is on the demand side that indications look all the more pleasing. Current low stocks, more and more new manufacturers using Merino in new and interesting ways and a growing consumer market all add up to a positive outlook.

    Crossbred wool: After a price dip of some degree the merino segment will rise again and crossbreds will follow suit. While the basis to Merino will probably hold at around 50pc as Merino prices rise again later in the year so will crossbreds.

    This story Administrator ready to work first appeared on Nanjing Night Net.

    Comments Off on Prices ease before recess
  • 其中最糟糕的是;以外币收支作为本国货币之“锚”,再加以大开门的资本市场,这为国际资本周期性收割开了方便之门。 2019-07-15
  • 恒动我“芯”—— HUAWEI WATCH尊赏沙龙即将亮相兰境艺术中心 2019-07-15
  • 日本战犯侵华罪行自供 2019-07-08
  • 全面落实新时代党的建设总要求br不断提高机关党的建设质量 2019-07-08
  • 夏季养生小常识 多吃酸食少吃冷 让你更健康-美食资讯 2019-07-01
  • 7月18日市府新闻发布会 2019-06-19
  • 茶圣陆羽栽培过的茶树  苏州小众茶的“前世今生” 2019-06-04
  • 未来三天全国天气预报:台风给东南沿海带来大风 2019-06-04
  • 百姓故事“触摸山城温情 讲述百姓故事”——华龙网 2019-06-01
  • 海淀区西三旗街道:实施拆除清缘商厦违法建设 清退租住人员800余人 2019-05-31
  • 紫光阁中共中央国家机关工作委员会 2019-05-31
  • 《必见》潜龙在野系列之神行者 2019-05-24
  • 【改革印记——看中国发展】赶上好时代的铁路修车人 2019-05-24
  • 江西省第33届“爱鸟周”正式启动 2019-05-05
  • 四年了,球迷们又“长大一岁” 2019-04-16
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