Wool Market Realigns According to Currency Movement

Wool Market Realigns According to Currency Movement

New Zealand Wool Services International Ltd reports that wool prices realigned under the influence of a strengthening United States dollar at today’s sale of North and South Island wool.

Of the 13,872 bales on offer, 88 per cent sold.

According to New Zealand Wool Services International general manager John Dawson, today’s price decline corresponded to the strengthening US dollar,

“Prices that did hold their ground included the poor colour fleece and early shorn wools, where the quantity of these types coming onto the market is in decline

“Good colour fleece dropped furthest, falling three per cent. Average style fleece dropped by one per cent and poor styles remained firm.

“Combing lambs’ wool stayed reasonably strong in the South Island, with only a minimal quantity offered in the North Island.

“Shorter lambs’ wool 2/4 and 2/3 fell in price by two to three per cent,” he said.

Buyers from China held a strong influence on the sale, with a good selection of the wool types offered today holding appeal to Chinese manufacturers. Buyers from Australia and Europe took supporting roles.

Next week’s sale, on 7 April, is scheduled to offer approximately 17,000 bales of North and 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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