Wool prices up under increased demand

Wool prices up under increased demand

New Zealand Wool Services International Ltd reports a stronger market at today’s wool sales, with prices increasing.

In the combined auction of North and South Island wool in Napier and Christchurch, 86 per cent of approximately 23,800 bales on offer sold.

Since the previous sale, on 8 April, the New Zealand dollar has remained virtually unchanged compared to the weighted indicator of the main international wool trading currencies, meaning today’s price gains are totally demand driven.

According to New Zealand Wool Services International, a small selection of fine crossbred wools appreciated in price by between two to five per cent, due mainly to continued interest from China.

Coarse fleece wools strengthened between one and four per cent, with poorer styles generating greater increases. Coarse shears made similar gains. Lambs’ fleece was firm to three per cent dearer, with strongest demand for the longer types.

Good competition for oddment wool drove price increases in that category of between 2.5 and five per cent.

Interest at today’s sales was widespread, with Australasian carpet mills, China, India and the Middle East to the fore, supported by buyers from Western Europe, Asia and the United Kingdom.

Next week’s auction, on 29 April, will be a combined sale of North and South Island wool, in Napier and Christchurch, offering approximately 2300 bales and 7,300 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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