Falklands : Falkland Wool Growers Report for 11/05/07
Submitted by Falkland Islands News Network (Juanita Brock) 14.05.2007 (Article Archived on 28.05.2007)
Robert Hall of FWG) updates us on what happened in the wool market last week.
WOOL REPORT: for the week ending Friday 11th May 2007
Auctions
The Australian Eastern Market Indicator was up eight cents on Wednesday before jumping 14 cents on Thursday. The EMI therefore gained 22 cents on the week to close at 962 A cents; a new high point for the season. Australian reduced stocks in store and lower numbers of bales being offered were amongst the main factors driving the Australian market.
In New Zealand, the Merino Indicator and Mid Micron Indicators were not quoted, the Fine Crossbred Indicator was up four at 329 NZ cents whilst the Strong Crossbred Indicator gained nine cents to 312 NZ cents. The Lambs Indicator was up a cent at 326 NZ cents.
In Britain “the final Scottish sale of the season saw a strong market with sustained demand”. The BWMB indicator went up two pence to 68 p/kg greasy.
Currencies
The Australian dollar was trading stronger at A$2.39/£ whilst the New Zealand dollar was stronger at NZ$2.71/£. These currency levels combined with the wool markets to lift sterling prices.
Background
Buyers reported difficulties in passing on the latest prices to their customers and in turn continue their “hand to mouth” purchasing.
The IWTO are congregating in Edinburgh this week for their congress meetings: “Wool Marketing through Design and Innovation”.
FWG Agency
Good levels of interest continue with a good speciality order booked yesterday.
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