Falklands : Falkland Wool Growers Report for 27 February 2004
Submitted by Falkland Islands News Network (Juanita Brock) 29.02.2004 (Article Archived on 14.03.2004)
Find out what the wool market did last week.
WOOL REPORT: for the week ending Friday 27th February 2004
The Australian market’s Eastern Market Indicator (EMI) gained three cents on Tuesday, remained level on Wednesday and added two cents on Thursday. The EMI thus closed the week five cents better (+0.65%) at 772 A cents. Currency movements continued to dominate the trading environment this week. Solid competition continued for sound, stylish wool.
In New Zealand the Fine Indicator not quoted. The Medium Indicator was quoted at 560 NZ cents. The Strong Indicator was 14 higher at 385 NZ cents, whilst the Lamb Indicator was seven better at 383 NZ cents.
The Cape Wools Overall Merino Indicator moved 3.5 percent lower from 3,221 SA cents of a fortnight ago to 3,108 SA cents.
Currencies & Interest Rates
The Australian dollar traded weaker again towards the end of the week at 2.41 A cents/£ whilst the New Zealand dollar was weaker and trading at 2.71 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. With the Sterling interest rate likely to rise again this year, the strength of sterling is likely to continue.
With shearing almost complete, farms are politely reminded to maintain top quality control measures until their last bale is pressed.
Many thanks for all the bale specifications received of late. All out standing bale specifications for the Anne Boye’s voyage 1 are needed as a matter or urgency.
With Thanks and Regards