S.Atlantic : Falkland Wool Growers Report for 16 May 03
Submitted by SARTMA.com (Juanita Brock) 18.05.2003 (Article Archived on 01.06.2003)
Find our what the wool market did last week.
Wool Market Report: Friday 16th May 2003
Wool Markets
Australia saw the EMI drop another 51 cents on Wednesday and 37 cents on Thursday. The EMI thus lost 88 cents or 9.26 percent on the week, closing at 862 A cents. Pass-ins soared to average 48.8 percent. Factors including the strengthening Australian dollar and the lack of Chinese interest were blamed. China continues to be influenced by severe acute respiratory syndrome (SARS) and the general economic malaise.
South Africa didn’t hold an auction.
In New Zealand the Fine and Medium Indicators were not quoted. The Strong Indicator dropped 17 cents to 414 NZ cents whilst the Lamb Indicator shed 29 cents to end at 387 NZ cents. "Several factors are impacting and these include uncertainty in the markets, in particular the Asian markets, general global uncertainty and currency markets." WRWMR.
The British auction was the final one of the 2002/2003 season comprising a large and varied offering which produced a strong sale resulting in a clearance of 87% on a 2.50 million offering. The UK indicator rose a penny to 80 p/kg greasy, aided by the cancellation of the sale planned for 4th June (the next sale being 25/6/03).
Currencies
The Australian dollar traded at $2.50/£ for much of the week whilst the New Zealand dollar was around NZ$2.81/£.
Agency
The delayed Atlantic Crusader bales of wool should conclude arriving at Bower Green during the forthcoming week. The delayed Elizabeth Boye is currently anticipated to arrive at Shoreham 6th June.
Deliveries continue. Statements are being airmailed.
Many thanks for all the bale specifications received lately. Please remit all remaining bale specifications especially for wool on the Elizabeth Boye.
With Regards
Robert
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