S.Atlantic : Falkland Wool Growers Report for 06 June
Submitted by SARTMA.com (Juanita Brock) 08.06.2003 (Article Archived on 22.06.2003)
Find out what has happened in the wool market last week.
Wool Market Report: Friday 6th June 2003
Wool Markets
Australia had a quiet week, yet with only 23 thousand bales offered. The EMI added two cents on both Wednesday and Thursday. The EMI thus gained four cents on the week, closing at 920 A cents. Twelve percent were passed in. ‘European topmakers dominated whilst Asian buyers remained quiet’.
In South Africa the Cape Wools Overall Merino Indicator gained 13.0 percent moving from 3,515 to 3778 SA cents. Support came from local processors stocking up.
No New Zealand and British auctions this week.
Currencies
The Australian dollar to Sterling exchange rate was extremely volatile this week. It closed in London last week at $2.514/£. By Thursday morning it opened in Britain at A$2.45/£ but by the end of the day was at A$2.495/£ - reducing sterling wool values by 1.8 percent. At time of writing late Friday the rate was A$2.523/£. In the last five trading days therefore, a brief three percent currency advantage subsequently disappeared.
The New Zealand dollar was stronger trading at about NZ$2.878/£ at time of writing.
Agency
The Atlantic Crusader results were received last weekend. The delayed Elizabeth Boye is currently anticipated to arrive on a late tide at Shoreham 9th June.
Good speciality enquiry was received for a range of Falkland fleece types. A significant volume of wool was contracted this week.
Thanks for all bale specifications received recently.
With Regards
Robert
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