Falklands : Falkland Wool Growers Report for Week Ending 06/06/02
Submitted by Falkland Islands News Network (Juanita Brock) 04.06.2006 (Article Archived on 18.06.2006)
Robert Hall tells us how the wool market did last week
WOOL REPORT: for the week ending Friday 2nd June 2006
Auctions
In Australia, after last week’s small lift from 729 to 733 A cents, this week saw a small reversal of Merino wool prices. The Australian Eastern Market Indicator (EMI) lost three cents on Tuesday, two cents on Wednesday and a cent on Thursday. The EMI thus closed the week down six cents at 727 cents. Pass-in rates were as high as 27 percent. When converted to sterling, wool finer than 27 microns lost ground, whilst wool of 28 and 30 microns gained a penny or two.
There were no New Zealand or British auctions.
In South Africa the Cape Wools Overall Merino Indicator started at 2,671 SA cents per kg clean from a fortnight ago and gained 6.1% to close at 2,835 SA cents per kg clean. 93% was sold. Currency movements explained the rise: hit by emerging market jitters, the rand weakened by 6.9% against the US dollar and by 7.2% against the euro compared with the sale two weeks ago. WRWMR
Currencies
Towards the end of the week, the Australian dollar was trading weaker at A$2.48/£ whilst the New Zealand dollar was weaker at 2.93 NZ cents/£.
Background
Buyers suggest that any market pick in the next three months, would most likely have to occur this month, before Northern Hemisphere holidays weaken demand and before the prospect and shearing of new season wool increase Southern Hemisphere supplies.
FWG Agency
There were significant areas of enquiry and further business was booked.
FIC voyage 2 wool is in UK: all landed/cleared at Southampton and about 38 container deliveries having been made to Bower Green, Bradford.
With Best Wishes
Robert
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