News release – Wool prices resume rise

New Zealand Wool Services International Ltd reports that, after a pause last week, prices at today’s wool sale resumed their upward trajectory, generally finishing firm to three per cent dearer.

Of the 11,345 bales on offer at the combined auction of North and South Island wool, 90.6 per cent sold.

According to New Zealand Wool Services International general manager John Dawson, continuing solid demand drove prices up today.

“Since the previous offering on 10 February, the New Zealand dollar dropped two per cent against a weighted indicator of the main international wool trading currencies, which provided extra impetus for local prices.

“A limited offering of mid micron fleece, 25 to 28 micron, eased six to eight per cent, reversing the gains made last week, although the coarser end remained firm.

“Fine crossbred fleece and shears came under strong competition, lifting by up to four per cent, as purchasers from China continue to dominate these types. Coarse carpet type fleece was also keenly sought after, ranging from firm to 3.5 per cent dearer.

“Longer coarse early shorn fleece was 1.5 to four per cent stronger, with the shorter types increasing by up to one per cent.

“First lambs’ wools were firm to slightly easier. Long oddments were 1.5 to five per cent stronger, with the short types firm to four per cent dearer,” he said.

International wool buyer interest came from many quarters at today’s sales, with China, India, Australasia and Western Europe taking the principal roles, supported by the Middle East and Asia.

Next week’s sales, on 24 February, will offer approximately 12,500 bales from the North Island and 8,200 bales of South Island wool.

ENDS

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