Australian wool prices rose for the first time in eleven weeks in Australia, the Woolmark reports. .
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The Eastern Market Indicator (EMI) was up two Australian cents or 0.3% at 781 cents per kilo, reflecting an increase of four cents in the Northern market at 796 cents while the Southern indicator was up two cents at 768 cents. .
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Prices even rose 13 Australian cents in the Western part of the country, reaching 752 cents in Fremantle. .
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The Australian dollar showed some strong volatility this week, finally closing above last Friday level compared with the US dollar. .
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The EMI rose 4 US cents or 0.7% to 566 cents per kilo clean. Unusually, buyers apparently did not pay attention to the level in the Australian dollar. .
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Demand could remain relatively strong in the next week with sales of superfine wool taking place in Newcastle. .
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With only three weeks remaining before the three-week Christmas recess, processors are expected covering their short-term needs.A strong demand for quality wools was last Wednesday observed in Port Elisabeth. Cape Wool indicator only declined 0.3% at 28.74 rand per kilo clean although the local currency sharply rose, again. .
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In US$ terms, the same indicator rose 21 cents or 5% at 440 cents per kilo, however.
In New Zealand, wool prices continued falling after the kiwi dollar again increased 1.8% in only seven days. .
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Compared with previous week, the strong indicator declined 3 cents in local currency terms while the medium indicator rose 7 cents. .
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The fine indicator (18 to 24 microns) even fell 43 cents from latest sales on November 6th (-0.8% in US$ terms).
Date:11/25/2003
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