Falklands : Falkland Wool Growers Report for Week Ending 05 May 2006
Submitted by Falkland Islands News Network (Juanita Brock) 08.05.2006 (Article Archived on 22.05.2006)
Robert Hall tells us how the wool market did last week.
WOOL REPORT: for the week ending Friday 5th May 2006
Auctions
In Australia, after last week’s decline from 728 A cents to 714 A cents, this week fared little better. The Australian Eastern Market Indicator (EMI) lost three cents on both Tuesday and Wednesday and remained level on Thursday. The EMI thus closed the week down six cents at 708 cents. Wool of all categories lost ground in Australian cents. There was a high pass-in rate of 19% of the 56,310 bales offered.
This week in New Zealand, the Merino and Mid-micron Indicators were not quoted. The Fine Crossbred Indicator (33-35µ) was down four cents to 383 NZ cents and the Coarse Crossbred Indicator (35.1+µ) moved down six cents on the week to 334 cents. The Lamb Indicator gained three cents this week to close at 355 NZ cents. There was a pass-in rate of 26% of the 17,210 bales offered.
In South Africa the Cape Wools Overall Merino Indicator started the week at 2,427 SA cents per kg clean and gained 1.6% to close at 2,466 SA cents per kg clean.
Currencies
Towards the end of the week, the Australian dollar was trading weaker at A$2.39/Ł whilst the New Zealand dollar was weaker at 2.85 NZ cents/Ł. Both currencies contributed to wool being cheaper in sterling.
Background
China had National holidays this week, whilst the UK started the week with a Bank holiday.
Buyers are tending to delay purchases on this drifting market. Some buyers suggest that nominal 24 to nominal 26 micron benchmark prices overstate current price levels. Reports of cheap offers of 25 microns Falklands fleece wool do not help.
FWG Agency
There were significant areas of enquiry and further business was booked.
SAAS voyage 1 wool is at Tilbury. FIC voyage 2 wool is en route.
With Best Wishes
Robert
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