WOOL REPORT: for the week ending Friday 14th November 2003
Auctions
The Australian Eastern Market Indicator lost seven cents on Tuesday, lost a further nine cents on Wednesday and eased another four cents on Thursday. The EMI closed the week down 20 cents at 779 A cents. "The Australian dollar has appreciated by around 36% against the US dollar since December 2001, when the EMI was last under 800 cents, and there is talk of further interest rate rises in Australia following last week’s 0.25% increase." Of the 63.5 thousand bales offered nationally, 79% were sold this week. WRWMR.
In New Zealand the stronger currency caused prices to ease. The Medium Indicator lost 28 cents to 567 NZ cents. The Strong Indicator lost eight to end at 399 NZ cents. 7% of a small offering was passed-in.
"Continued currency strength and lack of demand once again exerted downward pressure on South African prices on Wednesday." The Cape Wools Overall Merino Indicator lost 2.9% dropping from 2,969 SA cents to 2,882 SA cents.
The Scottish sale saw 83 percent of 2.16M kg sold. The Indicator was quoted at 82 p/kg greasy, two pence lower on the last Scottish sale and unchanged on the last English sale.
Currencies
This week the Australian dollar was trading at around A$2.33/£. The New Zealand dollar was trading at around NZ$2.67/£.
FWG Agency
Good enquiry for new season wool was received mid-week.
All additional new season supplies of Falkland wool, would be welcomed by our speciality customers.
Many thanks for all the wool marketing instructions received to date,
With Regards
Robert
