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Weekly Report
Falkland Islands
WEEKLY REPORT
WOOL REPORT: for the week ending Friday 4th April 2008
Auctions
Australia resumed on Tuesday, with the Eastern Market Indicator (EMI.) gaining three cents, on Wednesday it added a further five cents, before retreating two cents on Thursday. The EMI thus gained six cents on the week to close at 967 A cents. There was a clearance of 86 percent of the 69,000 bales offered. China dominated, with European support.
In New Zealand only 7,414 bales were offered: the Merino and Mid-Micron Indicators were not quoted. The Fine Crossbred Indicator was up six cents at 348 NZ cents, whilst the Coarse Crossbred Indicator was seven cents better at 342 NZ cents. The Lamb indicator was quoted up 11 cents, at 350 NZ cents. 91% of bales were sold.
South Africa saw the Overall Merino Indicator adding 0.3% (22 cents) to move from 6,952 to 6,974 SA cents/kg. Of the 15,516 bales offered, 96% were sold. WRWMR
Currencies
By the end of the week, the Australian dollar was trading against sterling at about A$2.16/£. The New Zealand dollar was trading at about NZ$2.51/£.
Background
“A mood of cautious optimism crept back into financial markets this week as equities staged a broad rally, credit spreads tightened and the dollar halted its slide. But nagging doubts about the outlook for the US economy remained, heightened by a downbeat assessment from the Federal Reserve chairman, and another poor employment report, which analysts said confirmed that recession had arrived.” FT
FWG Agency
Please send all outstanding bale specifications for the season.
Good speciality interest during the week, resulted in business being booked.
With Regards
Robert
FALKLAND WOOL GROWERS LTD
Email: roberthall@falklandwoolgrowers.co.uk
Tel: 00 44 (0) 1848 200 497
Fax: 00 44 (0) 1848 200 489