Wool maintains upward price trend

Wool maintains upward price trend

New Zealand Wool Services International Ltd reports that prices at this week’s wool sale continued their recent upward trend, with most types increasing by at least two per cent.

In the combined auction of North and South Island wool, 93.7 per cent of the 7400 bales on offer sold.

Since the previous offering on 19 August the New Zealand dollar has dropped in value by 1.14 per cent against a weighted indicator of the main international wool trading currencies, assisting the market’s firmer tone.

According to New Zealand Wool Services International, today’s prices for mid micron fleece were firm to two per cent dearer, while fine crossbred fleece and shears ranged between two and five per cent stronger.

Coarse crossbred fleece was firm to three per cent dearer, with coarse shears lifting by two to three per cent.

Crossbred oddments were generally up by two per cent.

This week’s high clearance rate reflected strong competition at the sale. Buyers from Australasia, the Middle East, India and China to the fore. Those from Western Europe and the United Kingdom showed support.

Next week’s auction, on 2 September, will be in Christchurch, offering approximately 1400 bales from the North Island and 6700 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.

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