Wool prices firm as new season begins

Wool prices firm as new season begins

New Zealand Wool Services International Ltd reports that prices for most types firmed at today’s auction of North Island wool in Napier, which was the first sale of the 2010/11 wool season.

Since the previous wool sale, on 30 June, the New Zealand dollar has strengthened in value by 0.7 per cent against a weighted indicator of the main international wool trading currencies, however for most types this had minimal impact on prices.

Of 5,400 bales on offer today, 81 per cent sold.

According to New Zealand Wool Services International, the small offering of finer crossbred shears was well sought after, with prices strengthening between two and five per cent.

While good colour coarse shears, which made up the bulk of the selection, held firm, the average and poor styles fell in price between one and three per cent.

Prices for a nominal offering of lambs’ fleece increased by up to 2.5 per cent. Oddments were also in good demand, with price rises ranging between one and five per cent.

Buyers representing Australasian carpet mills, India and China led demand at today’s sale, receiving support from Western Europe and the United Kingdom.

Next week’s auction, on 22 July, will be a combined sale of North and South Island wool, offering approximately 9,500 bales and 15,100 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

© Scoop Media