Wool prices remain firm

Wool prices remain firm

New Zealand Wool Services International Ltd reports that prices at this week’s wool sale were generally firm to dearer.

In the combined auction of North and South Island wool, 86.4 per cent of the 8000 bales on offer sold.

Since the previous offering on 5 August, the New Zealand dollar has fallen by 1.87 per cent against a weighted indicator of the main international wool trading currencies. However, with Western Europe on summer vacation and slightly restricted recent trading activity from elsewhere, the local market fell short of capturing the full currency advantage.

According to New Zealand Wool Services International, interest in the nominal offering of mid micron fleece was strong, with prices increasing between one and four per cent. Finer crossbred wools were also in demand, rising between one and three per cent.

Making up the bulk of today’s offering, coarse fleece and shears were firm to slightly dearer.

Long oddments were up to one per cent stronger, while the shorter types also attracted good support, lifting between two and three per cent.

Buyers from China, India, Australasia and the Middle East were to the fore at today’s sale, supported by interests acting on behalf of Western Europe and the United Kingdom.

Next week’s auction, on 19 August, will be in Napier and Christchurch, offering approximately 7200 bales of North Island wool and 7000 bales of South Island wool.

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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