WOOL REPORT: for the week ending Friday 10th October 2003
Auctions
The Australian Eastern Market Indicator lost twenty three cents on Wednesday and firmed three cents on Thursday. The EMI thus closed the week down 20 cents at 841 A cents, which is a new low for the season and its lowest level since January 2002. Growers passed in 31.5% of the Melbourne catalogue.
In New Zealand the Fine Indicator was quoted 35 cents down at 1110 NZ cents, whilst the Medium Indicator dropped eight cents to 616 NZ cents. The Strong Indicator lost nine cents ending at 418 NZ cents and the Lamb Indicator shed 31 cents closing at 421 NZ cents.
In South Africa the Cape Wools Overall Merino Indicator was 68 cents or 2.2 percent lower, moving from 3,145 to 3,077 SA cents.
Currencies
The strong Australian dollar at 69 cents against the US dollar on Thursday continued to pressure wool-exporter margins and again largely contributed to the slip in the Australian market.
This week the Australian dollar was trading at around A$2.39/£ thus helping to counter-act the fall in Australian prices when converted to sterling. The New Zealand dollar was again trading at around NZ$2.77/£.
FWG Agency
Good speciality enquiry received for new season deliveries.
As shearing gets underway, the main priority is ensuring first class quality control in all Falkland wool harvesting operations.
All additional new season supplies of Falkland wool, would be welcomed by our speciality customers.
With Regards
Robert
