Wool prices go down as kiwi dollar goes up

Wool prices go down as kiwi dollar goes up

New Zealand Wool Services International Ltd reports that prices eased at today’s wool sales, responding to the stronger New Zealand dollar.

In the combined auction of North and South Island wool in Napier and Christchurch, 82 per cent of approximately 13,400 bales on offer sold.

Since the previous sale, on 25 March, the New Zealand dollar has strengthened against the United States dollar by 1.35 per cent, rising by 0.97 per cent overall compared to the weighted indicator of the main international wool trading currencies.

According to New Zealand Wool Services International, a nominal offering of mid micron wools were generally two per cent dearer, while the fine crossbred fleece and shears eased between 1.5 and two per cent.

Good colour coarse fleece fell in price between one and 1.5 per cent. Average styles were buyers’ favour, with the poor styles 1.5 to two per cent cheaper.

Coarse early shorn and second shears were generally unchanged.

First lambs’ fleece ranged from firm to 2.5 per cent cheaper.

Oddments generally fell in price by up to two per cent.

Demand at today’s sales was well spread, with competition strongest among buyers from Australasian carpet mills, the Middle East, China and India, while those from Western Europe, and the United Kingdom provided support.

Next week’s auction, on 8 April, will be a combined sale of North and South Island wool, in Napier and Christchurch, offering approximately 9,200 bales and 7,800 bales respectively.

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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