S.Atlantic : Falkland Wool Growers for 12 September
Submitted by SARTMA.com (Juanita Brock) 13.09.2003 (Article Archived on 27.09.2003)
Find out what the wool market did last week.
WOOL REPORT: for the week ending Friday 12th September 2003
Auctions
The Australian Eastern Market Indicator drifted three cents on Tuesday, dropped 12 cents on Wednesday and levelled a cent below on Thursday. The EMI thus closed the week down 16 cents at 911 A cents.
In New Zealand the Fine Indicator was quoted 14 cents down at 1252 NZ cents, whilst the Medium Indicator recovered another five cents to 704 NZ cents. The Strong Indicator was lost two cents ending at 436 NZ cents. The Lamb Indicator down nine cents at 462 NZ cents.
In South Africa the Cape Wools Overall Merino Indicator was almost unchanged moving from 3,406 to 3,411 SA cents.
The British sale saw prices ‘prices continuing to rise, resulting in a clearance of 93% on a 1.97 million kilo offering.’ The indicator was up 2 pence at 86 p/kg.
Currencies
For much of the week the Australian dollar was trading five cents stronger at around A$2.41/£ having the effect of counter-acting the fall in wool prices. The New Zealand dollar was a little stronger at NZ$2.73/£.
Background
"Participants in the Australian wool market are waiting for October when main flushes of new wool start to appear. Offerings last October generally exceeded 80,000 bales however the five weeks forecast shows only 60,000 bales presently rostered for the first week in October.
With China expected to need to make purchases in about a month’s time, and selections of good wool likely still to be limited, observers are concluding that the market could now be solidly based." WRWMR
FWG Agency
Further payments made and statements airmailed this week.
Received speciality enquiries for both prompt and 2004 delivery.
With Regards
Robert
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