Continued Pressure on Wool

Continued Pressure on Wool

New Zealand Wool Services International Limited’s Marketing Executive, Mr Paul Steel reports that the weakening New Zealand dollar coupled with exporter pressure to meet shipping requirements and limited supply continues to underpin the market.

The weighted indicator for the main trading currencies came down 2.14 percent compared to the last sale on 28th May.

Of the 6,876 bales on offer, 94 percent sold.

Mr Steel advises that resurgent interest from China saw Mid Micron fleece 24.5 to 31.5 micron increase 6 to 12 percent with Fine Crossbred Fleece 33 to 35 micron 1.5 to 5 percent dearer against the last time offered on 21st May.

Compared to last week’s North Island offering on the 28th May, Fine Crossbred Shears were 2 to 6 percent stronger. Good colour Coarse Crossbred Fleece were up to 1.5 percent firmer, average style eased slightly with poor colour firm.

Coarse Shears were firm to 3 percent dearer.

First Lambs Fleece received very strong support, lifting 6 to 8 percent.

Long Oddments were nominally 3 percent cheaper with good colour short oddments 6 percent dearer and poor colour 2 to 3 percent firmer.

Well spread competition with China dominating, supported by Australasia, Middle East and Western Europe.

Next sale on 11th June comprises approximately 9,100 bales from the North Island.

Due to insufficient wool coming forward and no stock wools on hand in brokers stores, the rostered South Island sale on 18th June has been cancelled.

ENDS

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