Falklands : Falkland Wool Growers Report for Week Ending 22/06/07
Submitted by Falkland Islands News Network (Juanita Brock) 23.06.2007 (Article Archived on 10.07.2007)
Robert Hall updates us on what the wool market did last week.
WOOL REPORT: for the week ending Friday 22nd June 2007
Auctions
The Australian Eastern Market Indicator moved down 25 cents on Wednesday from last week’s close of 985 A cents, before drifting four cents on Thursday. The EMI therefore lost 29 cents on the week to close at 956 A cents. Wool finer than 20 microns was most affected.
There have been two unpredictable influences on the Australian market in recent days: “It is widely believed that a huge increase in the forecast for the final week of the season, beginning July 2 was a major factor in this week’s downturn. The estimate for the sales on July 3-5 has risen by 10,874 bales (20.4%) to 64,074 bales. The increase has caused considerable anxiety in the trade as well as in China, which criticised the broker’s action.
The on-going water contamination in Wuxi City, Eastern China is also having a negative effect, as seventeen wool-scouring mills are reported to be temporarily closed, due to a severe outbreak of contaminated water caused by algae in the nearby Lake Tai.” WRWMR
There was no South African auction this week.
In New Zealand, the Merino and Mid Micron Indicators were not quoted. The Fine Crossbred Indicator was down three cents at 324 NZ cents whilst the Strong Crossbred Indicator was also lower by three cents at 308 NZ cents. The Lambs Indicator was again down four cents at 324 NZ cents.
Currencies
The Australian dollar was trading strongly again at about A$2.35/£ whilst the New Zealand dollar was stronger by three cents at NZ$2.62/£.
FWG Agency
Communications with the Soil Association are on-going.
Manufacturers continue their hand-to mouth purchases. Various speciality fleece sales and significant oddments were contracted this week.
With Regards
Robert
|
