WOOL REPORT: for the week ending Friday 13th February 2004
Auctions
The Australian market’s Eastern Market Indicator (EMI) drifted three cents on Tuesday, recovered four cents on Wednesday but then lost 16 cents on Thursday. The EMI thus closed the week 15 cents lower (-1.8%) at 775 A cents. The slump on Thursday was accounted for by ‘a less stylish offering, an Australian dollar above 78 United States cents and the prospect of a large Melbourne offering next week’. Pass-ins averaged 21% of the 52,436 bales offered. Next week 73,764 bales are rosted, amidst criticisms of disorderly marketing by the trade’s exporters.
In New Zealand the Fine Indicator was quoted 61 cents lower at 1,025 NZ cents. The Medium Indicator added 19 cents to 563 NZ cents. The Strong Indicator was two better at 376 NZ cents, whilst the Lamb Indicator parted company drifting three cents to close at 371 NZ cents. Nine percent was passed-in.
The Cape Wools Overall Merino Indicator moved 1.3 percent lower from 3,264 SA cents to 3,221 SA cents.
Currencies
The Australian dollar traded weakly again towards the end of the week at 2.40 A cents/£ whilst the New Zealand dollar was trading at 2.69 NZ cents/£.
Falkland Islands Shipping
Shipping delays are doing nothing to impress long standing customers.
FWG Agency
All additional supplies of Falkland wool would be much welcomed by our speciality customers.
Many thanks for all the bale specifications received of late.
With Regards
Robert.
