Wool Auction Prices Increase

Wool auction prices increase

New Zealand Wool Services International Ltd reports that prices lifted slightly at today¹s Christchurch wool auction, however not taking full advantage of a dropping exchange rate.

The New Zealand dollar was down 2.5 per cent on last week against the United States dollar. Normally a weaker dollar would create a corresponding lift in local wool prices. At today¹s auction, however, most wool categories did no more than hold their ground, or show gains slighter than the currency drop would indicate. Exceptions were the first Merino offering of the season and some of the more stylish mid micron wools, which strengthened around two per cent.

Coarse wool types destined for carpet use, which made up the bulk of the offering, received mixed results.

According to New Zealand Wool Services International, full fleece types generally remained firm, with second shear wools starting the day on a softer note but strengthening as the sale progressed to be up to 1.5 per cent dearer.

Next week¹s combined North and South Island sale will be held on 13 September, comprising 11,975 bales in the North Island and 11,174 bales in the South Island.

New Zealand Wool Services International publishes a detailed weekly report on New Zealand wool auction trends. A summary of this can be viewed at http://www.nzwsi.co.nz. The full report is available by negotiation with the company.

ENDS

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