Falklands : Falkland Wool Growers Report for 20 February 2004
Submitted by Falkland Islands News Network (Juanita Brock) 23.02.2004 (Article Archived on 08.03.2004)
Find out how the wool market did last week
WOOL REPORT: for the week ending Friday 20th February 2004
Auctions
(EMI) remained unchangThe Australian market’s Eastern Market Indicator ed on Tuesday, lost eight cents on Wednesday but and was again unchanged on Thursday. The EMI thus closed the week eight cents lower (-1.0%) at 767 A cents. “ Currency movements dominated the trading environment this week. The Australian dollar hit a seven-year high of US$0.80, sterling breached the US$1.90 barrier for the first time since 1992, the United States dollar fell to a new lifetime low against the euro and speculation continued that China’s renimbi which is pegged to the American dollar, might be re-valued. Solid competition continued for sound, stylish wool but heavy VM and high point of break lines lost ground.” WRWMR. Of the large offering 21% was passed in.
In New Zealand the Fine Indicator was quoted six cents higher at 1,031 NZ cents. The Medium Indicator was not quoted. The Strong Indicator was five lower at 371 NZ cents, whilst the Lamb Indicator was five better at 376 NZ cents.
The British indicator was up a penny at 79 p/kg with 84% cleared of the 2.08 million kg offered.
Currencies
The Australian dollar traded weakly again towards the end of the week at 2.39 A cents/£ whilst the New Zealand dollar was again trading at 2.69 NZ cents/£. The strength of sterling against the dollar currencies is having a material and negative effect on the sterling value of wool this season.
FWG Agency
The seriously delayed Anne Boye is expected to arrive Shoreham 17th March.
Many thanks for all the bale specifications received of late.
With Regards
Robert.
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