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Wool Auction Prices Defy Dollar


Wool auction prices defy dollar

New Zealand Wool Services International Ltd reports that prices at today¹s combined North Island and South Island wool auctions generally resisted the full impact of a resurgent New Zealand dollar.

Finer wools in the mid micron sector, selling in Christchurch, fared best.

With the New Zealand dollar having strengthened over three per cent since the last auction, the strongly contested finer wools only eased by 1.5 per cent in most areas, except for the 27 to 28 micron bracket, which completely reversed the trend, strengthening by up to two per cent.

The more stylish and well-prepared lines benefited most from the strong competition.

The coarse wool sector had a mixed reaction, with New Zealand Wool Services International reporting that full fleece eased between two and three per cent. Early shorn and longer shears softened by up to three per cent in the South Island, but generally remained firm at the North Island sale. Shears shorter that 75mm were neglected, easing by more than the currency factor.

According to New Zealand Wool Services International, the volatility of the New Zealand dollar continues to create a difficult trading environment.

Next week¹s wool auction, to be held in Christchurch on 20 September, has 9,400 bales on offer.

New Zealand Wool Services International publishes a detailed weekly report on New Zealand wool auction trends.

ENDS

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