S.Atlantic : Falkland Wool Growers Report
Submitted by SARTMA.com (Juanita Brock) 03.02.2003 (Article Archived on 17.02.2003)
Find out what the wool market did last week
WOOL REPORT: for the week ending Friday 31st January 2003
Auctions
This week Australia recovered a little ground. The Eastern Market Indicator (EMI) moved four cents up on Wednesday and was further five higher cents on Thursday. The EMI thus closed the week 9 cents better at 1,165 A cents/kg. Of the 44 thousand bales offered, 88 percent were sold. China is now winding down for its New Year festivals.
In South Africa the Cape Wools Overall Merino Indicator gained 2.3 percent to move from 4,618 to 4,722 SA cents/kg. "Raw wool prices are near record highs but demand for wool top remains depressed, as many mills are reluctant to buy fresh stock until current stocks are depleted." WRWMR
In New Zealand, Thursday’s auction did not quote the Fine Indicator, the Medium Indicator lost another 41 cents to close at 716 NZ cents, the Strong Indicator added a cent to 451 NZ cents whilst the Lamb Indicator lost a further 31 cents to finish at 447 NZ cents.
Currencies
At close in London the Australian dollar was trading four cents weaker on the week at about A$2.80/£ whilst the New Zealand dollar was another fiver cents weaker at NZ$3.02/£. These currency movements move against the sterling price of wool.
War Fears lift precious metals
Prices of precious metals hit new highs this week as investors turned their backs on equity markets and sought shelter in metals amid concerns about war in Iraq.
Crude oil prices firmed over the week after comments from President Bush and Hans Blix increased the likelihood of war against Baghdad. The Iraqi president replied by saying he would attack oil rich Kuwait in case of an attack on Iraq. FT
FWG Agency
The delayed Atlantic Crusader bales have been tested and most lots contracted. The Astra Sea has docked and wool is expected to start arriving in Bradford next week.
Many thanks for all the bale specifications received of late. Please immediately fax/e-mail all remaining details of bales on the Elizabeth Boye.
With Regards
Robert Hall
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